william-hill-pushed-into-loss

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William Hill pressed into loss by Australia writedown

23 February 2018

William Hill has actually been pushed into an annual loss after slashing the value of its Australian organization.
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The bookie 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 primarily due to a ₤ 238m charge the yohaig code took to jot down the worth of its organization in Australia.

The writedown follows modifications in policy - with credit-funded betting now prohibited in Australia - and an increase in tax in some states.
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William Hill is presently performing a tactical review of its Australian service, which is due to be finished by mid-2018.
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Online boost

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

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

William Hill stated profits from its online service rose 13%, which it stated reflected enhancements 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.
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The Commission said the company did not do enough to guarantee oversight steps were efficient. As a result, 10 clients were able to transfer cash connected to criminal offenses.
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In its results statement, William Hill reiterated that it had actually devoted to carry out an independent evaluation as a result of the findings, and would work to implement any suggestions that emerge.

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