William Hill pushed into loss by Australia writedown
23 February 2018
William Hill has been pushed into an annual loss after slashing the yohaig code value of its Australian company.
the yohaig code bookmaker 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 primarily due to a ₤ 238m charge the company required to write down 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 presently performing a tactical evaluation of its Australian company, which is because of be completed by mid-2018.
Online boost
Despite the significant write-off pressing the business into a loss, William Hill stated that its underlying performance had improved.
Net revenues increased 7% to ₤ 1.7 bn, while adjusted operating profit climbed up 11% to ₤ 291.3 m.
William Hill said revenues from its online organization rose 13%, which it stated shown improvements to its website 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 duty regulations.
The Commission said the yohaig code company did not do enough to ensure oversight steps were reliable. As a result, 10 clients were able to transfer cash connected to criminal offenses.
In its results declaration, William Hill reiterated that it had committed to bring out an independent evaluation as an outcome of the findings, and would work to implement any recommendations that emerge.
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