William Hill pressed into loss by Australia writedown
23 February 2018
William Hill has been pushed into an annual loss after slashing the value of its Australian organization.
the yohaig code bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared with an earnings of ₤ 181.3 m the year before.
That modification was generally due to a ₤ 238m charge the business required to document the worth of its company in Australia.
The writedown follows changes in guideline - with credit-funded betting now banned in Australia - and an increase in taxation in some states.
William Hill is currently performing a strategic evaluation of its Australian business, which is due to be completed by mid-2018.
Online boost
Despite the hefty write-off pushing the company into a loss, William Hill stated that its underlying efficiency had improved.
Net earnings rose 7% to ₤ 1.7 bn, while adjusted operating revenue climbed up 11% to ₤ 291.3 m.
William Hill said earnings from its online organization increased 13%, which it stated reflected improvements to its website and marketing.
On Tuesday, William Hill was struck with a ₤ 6.2 m fine by the yohaig code Gambling Commission for breaching anti-money-laundering and social duty policies.
The Commission stated the business did not do enough to guarantee oversight procedures were efficient. As a result, 10 customers were able to transfer cash connected to criminal offences.
In its results declaration, William Hill restated that it had actually committed to bring out an independent evaluation as an outcome of the findings, and would work to execute any recommendations that emerge.
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