William Hill Pushed Into Loss
William Hill pushed 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 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 company took to jot down the value of its company in Australia.
The writedown follows modifications in policy - with credit-funded wagering now banned in Australia - and a rise in taxation in some states.
William Hill is presently carrying out a tactical review of its Australian business, which is because of be finished by mid-2018.
Online increase
Despite the hefty 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 adjusted operating profit climbed up 11% to ₤ 291.3 m.
William Hill stated earnings from its online company increased 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 obligation guidelines.
The Commission stated the company did refrain from doing enough to make sure oversight procedures were reliable. As a result, 10 customers were able to transfer money linked to criminal offences.
In its outcomes statement, William Hill reiterated that it had 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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William Hill pushed 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 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 company took to jot down the value of its company in Australia.
The writedown follows modifications in policy - with credit-funded wagering now banned in Australia - and a rise in taxation in some states.
William Hill is presently carrying out a tactical review of its Australian business, which is because of be finished by mid-2018.
Online increase
Despite the hefty 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 adjusted operating profit climbed up 11% to ₤ 291.3 m.
William Hill stated earnings from its online company increased 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 obligation guidelines.
The Commission stated the company did refrain from doing enough to make sure oversight procedures were reliable. As a result, 10 customers were able to transfer money linked to criminal offences.
In its outcomes statement, William Hill reiterated that it had dedicated to perform an independent evaluation as a result of the findings, and would work to implement any recommendations that emerge.
William Hill penalty 'might go up' Video, 00:00:55 William Hill penalty 'might increase'
0:55
1 February 2018
Betting shares slide on stake-cut report
22 January 2018