William Hill Pushed Into Loss

William Hill pushed into loss by Australia writedown
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23 February 2018


William Hill has actually been pressed into a yearly loss after slashing the worth of its Australian service.
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The bookie reported a pre-tax loss of ₤ 74.6 m for 2017, compared to a revenue of ₤ 181.3 m the year before.


That modification was generally due to a ₤ 238m charge the company required to compose down the worth of its company in Australia.
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The writedown follows changes in policy - with credit-funded wagering now banned in Australia - and a rise in taxation in some states.
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William Hill is presently bring out a strategic review of its Australian service, which is due to be finished by mid-2018.


Online boost


Despite the hefty write-off pressing the business 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 adjusted operating earnings climbed up 11% to ₤ 291.3 m.


William Hill said profits from its online service increased 13%, which it stated shown enhancements to its website and marketing.
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On Tuesday, was struck with a ₤ 6.2 m fine by the Gambling Commission for breaching anti-money-laundering and social duty guidelines.
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The Commission stated the yohaig code company did refrain from doing enough to ensure oversight steps were effective. As an outcome, 10 customers were able to transfer money linked to criminal offenses.


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


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