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William Hill pressed into loss by writedown

23 February 2018
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William Hill has actually been pressed into a yearly loss after slashing the value of its Australian business.
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The bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared with a profit of ₤ 181.3 m the year before.

That modification was mainly due to a ₤ 238m charge the business took to write down the value of its organization in Australia.

The writedown follows changes in policy - with credit-funded wagering now prohibited in Australia - and an increase in taxation in some states.
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William Hill is presently performing a tactical review of its Australian organization, which is due to be completed by mid-2018.
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Online increase

Despite the substantial write-off pushing the business into a loss, William Hill stated that its underlying performance had actually enhanced.
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Net earnings rose 7% to ₤ 1.7 bn, while changed operating earnings climbed up 11% to ₤ 291.3 m.
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William Hill said profits from its online organization increased 13%, which it said reflected improvements to its website and marketing.
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On Tuesday, William Hill was hit with a ₤ 6.2 m fine by the Gambling Commission for breaching anti-money-laundering and social obligation policies.

The Commission said the company did refrain from doing enough to make sure oversight steps worked. As a result, 10 customers were able to transfer money linked to criminal offenses.

In its results declaration, William Hill reiterated that it had actually dedicated to perform an independent evaluation as an outcome of the findings, and would work to execute any suggestions that emerge.

William Hill charge 'might increase' Video, 00:00:55 William Hill penalty 'could increase'
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1 February 2018
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Betting shares slide on stake-cut report

22 January 2018