William Hill pushed into loss by Australia writedown
23 February 2018
William Hill has been pressed 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 with an earnings of ₤ 181.3 m the year before.
That change was generally due to a ₤ 238m charge the company took to jot down the worth of its business in Australia.
The writedown follows modifications in regulation - with credit-funded betting now prohibited in Australia - and an increase in taxation in some states.
William Hill is currently performing a strategic evaluation of its Australian service, which is due to be completed by mid-2018.
Online boost
Despite the large write-off pushing the business into a loss, William Hill stated that its underlying efficiency had improved.
Net profits rose 7% to ₤ 1.7 bn, while changed operating earnings climbed 11% to ₤ 291.3 m.
William Hill said profits from its online company rose 13%, which it said reflected enhancements to its site 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 policies.
The Commission stated the business did not do enough to guarantee oversight measures were reliable. As an outcome, 10 consumers had the ability to deposit cash linked to criminal offences.
In its results statement, William Hill repeated that it had actually dedicated to carry out an independent evaluation as an outcome of the findings, and would work to carry out any recommendations that emerge.
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