William Hill pushed into loss by Australia writedown

23 February 2018

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 profit of ₤ 181.3 m the year before.

That modification was primarily due to a ₤ 238m charge the business required to make a note of the yohaig code value of its service in Australia.

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

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

Online boost

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

Net profits rose 7% to ₤ 1.7 bn, while changed operating profit climbed up 11% to ₤ 291.3 m.

William Hill stated earnings from its online business rose 13%, which it stated shown improvements to its site 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 responsibility guidelines.

The Commission said the business did refrain from doing enough to ensure oversight procedures were reliable. As a result, 10 customers had the ability to deposit money linked to criminal offences.

In its results statement, William Hill restated that it had dedicated to perform an independent review as an outcome of the findings, and would work to carry out any suggestions that emerge.

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