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William Hill pushed into loss by Australia writedown

23 February 2018
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William Hill has been pressed into a yearly loss after slashing the value of its Australian organization.

The bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared to a revenue of ₤ 181.3 m the year before.
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That change was mainly due to a ₤ 238m charge the business required to write down the worth of its company in Australia.

The writedown follows modifications in guideline - with credit-funded wagering now banned in Australia - and an increase in tax in some states.

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

Online increase
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Despite the hefty write-off pressing the company into a loss, William Hill said that its underlying performance had improved.

Net incomes increased 7% to ₤ 1.7 bn, while changed operating revenue climbed 11% to ₤ 291.3 m.
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William Hill stated profits from its online company rose 13%, which it said reflected enhancements to its site and marketing.
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On Tuesday, William Hill was struck with a ₤ 6.2 m fine by the Gambling Commission for breaching anti-money-laundering and social responsibility regulations.
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The Commission stated the company did not do enough to guarantee oversight steps worked. As an outcome, 10 consumers were able to deposit money linked to criminal offences.

In its results declaration, William Hill reiterated that it had dedicated 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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charge 'might increase' Video, 00:00:55 William Hill charge 'might go up'
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1 February 2018

Betting shares slide on stake-cut report

22 January 2018
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