William Hill pressed into loss by Australia writedown
23 February 2018
William Hill has actually been pushed into an annual loss after slashing the worth of its Australian service.
The bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared with a revenue of ₤ 181.3 m the year before.
That modification was primarily due to a ₤ 238m charge the company required to write down the value of its organization in Australia.
The writedown follows changes in guideline - with credit-funded wagering now banned in Australia - and a rise in taxation in some states.
William Hill is presently carrying out a tactical review of its Australian business, which is due to be completed by mid-2018.
Online increase
Despite the significant write-off pushing the company into a loss, William Hill said that its underlying performance had enhanced.
Net earnings rose 7% to ₤ 1.7 bn, while adjusted operating revenue climbed 11% to ₤ 291.3 m.
William Hill said earnings from its online business rose 13%, which it said reflected 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 responsibility guidelines.
the yohaig code Commission said the company did not do enough to make sure oversight measures were effective. As an outcome, 10 clients had the ability to transfer money connected to criminal offenses.
In its outcomes declaration, William Hill repeated that it had dedicated to perform an independent evaluation as a result of the findings, and would work to carry out any suggestions that emerge.
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