William Hill pressed into loss by Australia writedown

23 February 2018

William Hill has been pressed into an annual loss after slashing the value of its Australian business.

The bookie reported a pre-tax loss of ₤ 74.6 m for 2017, compared with an earnings of ₤ 181.3 m the year before.

That modification was generally due to a ₤ 238m charge the business took to document the yohaig code value of its organization in Australia.

The writedown follows modifications in policy - with credit-funded betting now prohibited in Australia - and a rise in tax in some states.

William Hill is currently performing a tactical evaluation of its Australian business, which is because of be completed by mid-2018.

Online increase

Despite the hefty write-off pushing the business into a loss, William Hill stated that its underlying performance had improved.

Net earnings increased 7% to ₤ 1.7 bn, while changed operating earnings climbed 11% to ₤ 291.3 m.

William Hill said incomes from its online service increased 13%, which it said shown improvements to its website and marketing.

On Tuesday, William Hill was hit with a ₤ 6.2 m fine by the Gambling Commission for breaching anti-money-laundering and social obligation regulations.

The Commission stated the business did refrain from doing enough to make sure oversight measures worked. As an outcome, 10 consumers were able to transfer cash connected to criminal offences.

In its results statement, William Hill repeated that it had devoted to carry out an independent evaluation as an outcome of the findings, and would work to execute any suggestions that emerge.

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