William Hill Pushed Into Loss

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William Hill pushed into loss by Australia writedown


23 February 2018


William Hill has actually been pushed into a yearly loss after slashing the worth of its Australian company.
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The bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared with an earnings of ₤ 181.3 m the year before.
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That change was generally due to a ₤ 238m charge the yohaig code business required to make a note of the value of its company in Australia.


The writedown follows modifications in regulation - with credit-funded wagering now prohibited in Australia - and a rise in tax in some states.


William Hill is currently performing a tactical review of its Australian company, which is due to be completed by mid-2018.


Online increase


Despite the yohaig code hefty write-off pushing the company into a loss, William Hill said that its underlying performance had actually improved.


Net incomes rose 7% to ₤ 1.7 bn, while adjusted operating earnings up 11% to ₤ 291.3 m.
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William Hill stated revenues from its online business rose 13%, which it said shown improvements to its website 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.


The Commission stated the business did refrain from doing enough to ensure oversight measures worked. As an outcome, 10 clients were able to deposit money linked to criminal offenses.
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In its outcomes declaration, William Hill reiterated that it had devoted to perform an independent review as an outcome of the findings, and would work to implement any recommendations that emerge.
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William Hill charge 'might go up' Video, 00:00:55 William Hill penalty 'might go up'
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