William Hill pressed into loss by Australia writedown
23 February 2018
William Hill has actually been pushed into an annual loss after slashing the value of its Australian service.
the yohaig code bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared to a profit of ₤ 181.3 m the year before.
That modification was primarily due to a ₤ 238m charge the company required to make a note of the worth of its business in Australia.
The writedown follows modifications in regulation - with credit-funded wagering now prohibited in Australia - and an increase in tax in some states.
William Hill is presently carrying out a strategic evaluation of its Australian service, which is due to be finished by mid-2018.
Online boost
Despite the significant 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 revenue climbed up 11% to ₤ 291.3 m.
William Hill said profits from its online business increased 13%, which it stated shown improvements to its website 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 duty policies.
The Commission stated the yohaig code business did not do enough to guarantee oversight steps were effective. As an outcome, 10 consumers had the ability to deposit money connected to criminal offenses.
In its results statement, William Hill restated that it had actually committed to bring out an independent evaluation as a result of the findings, and would work to carry out any recommendations that emerge.
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