William Hill pushed into loss by Australia writedown
23 February 2018
William Hill has been pushed into an annual loss after slashing the value of its Australian organization.
The bookie reported a pre-tax loss of ₤ 74.6 m for 2017, compared to a profit of ₤ 181.3 m the year before.
That change was mainly due to a ₤ 238m charge the yohaig code business took to write down the yohaig code worth of its company in Australia.
The writedown follows modifications in regulation - with credit-funded betting now banned in Australia - and a rise in taxation in some states.
William Hill is currently performing a tactical evaluation of its Australian organization, which is because of be finished by mid-2018.
Online boost
Despite the large write-off pressing the business into a loss, William Hill said that its underlying efficiency had enhanced.
Net revenues increased 7% to ₤ 1.7 bn, while changed operating revenue climbed up 11% to ₤ 291.3 m.
William Hill stated profits from its online service rose 13%, which it stated shown improvements to its site and marketing.
On Tuesday, William Hill was struck with a ₤ 6.2 m fine by the Gambling Commission for breaching anti-money-laundering and social responsibility policies.
The Commission said the company did refrain from doing enough to guarantee oversight steps worked. As a result, 10 consumers had the ability to deposit money linked to criminal offences.
In its results statement, William Hill repeated that it had actually committed to perform an independent evaluation as an outcome of the findings, and would work to implement any recommendations that emerge.
William Hill penalty 'might go up' Video, 00:00:55 William Hill charge 'might go up'
0:55
1 February 2018
Betting shares slide on stake-cut report
22 January 2018
