William Hill pressed into loss by Australia writedown

23 February 2018

William Hill has been pressed into a yearly loss after slashing the worth of its Australian service.

The bookie reported a pre-tax loss of ₤ 74.6 m for 2017, compared with a profit of ₤ 181.3 m the year before.

That change was generally due to a ₤ 238m charge the company required to jot down the worth of its organization in Australia.

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

William Hill is currently bring out a strategic evaluation of its Australian company, which is because of be finished by mid-2018.

Online increase

Despite the yohaig code large write-off pushing the business into a loss, William Hill said that its underlying efficiency had actually enhanced.

Net profits increased 7% to ₤ 1.7 bn, while adjusted operating revenue climbed 11% to ₤ 291.3 m.

William Hill said revenues from its online business rose 13%, which it stated reflected 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 guidelines.

The Commission stated the business did not do enough to ensure oversight procedures were effective. As a result, 10 consumers were able to deposit cash linked to criminal offenses.

In its results statement, William Hill reiterated that it had committed to carry out an independent review as an outcome of the findings, and would work to carry out any recommendations that emerge.

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