William Hill pressed into loss by Australia writedown

23 February 2018

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

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 primarily due to a ₤ 238m charge the company took to document the yohaig code value of its business in Australia.

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

William Hill is presently bring out a strategic evaluation of its Australian company, which is due to be completed by mid-2018.
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Online increase
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Despite the hefty write-off pressing the company into a loss, William Hill stated that its underlying performance had improved.
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Net profits increased 7% to ₤ 1.7 bn, while changed operating earnings climbed 11% to ₤ 291.3 m.
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William Hill stated incomes from its online organization rose 13%, which it stated reflected 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 policies.

The Commission said the business did not do enough to make sure oversight procedures were effective. As an outcome, 10 customers had the ability to deposit money linked to criminal offenses.
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In its outcomes statement, William Hill reiterated that it had actually dedicated to perform an independent evaluation as a result of the findings, and would work to implement any recommendations that emerge.

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