William Hill Pushed Into Loss
William Hill pressed into loss by Australia writedown
23 February 2018
William Hill has actually been pushed into an annual loss after slashing the worth of its Australian organization.
The bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared to an earnings of ₤ 181.3 m the year before.
That modification was primarily due to a ₤ 238m charge the company required to jot down the value of its business in Australia.
The writedown follows modifications in regulation - with credit-funded betting now prohibited in Australia - and an increase in tax in some states.
William Hill is currently performing a strategic evaluation of its Australian company, which is due to be finished by mid-2018.
Online increase
Despite the substantial write-off pressing the company into a loss, William Hill said that its underlying performance had improved.
Net earnings rose 7% to ₤ 1.7 bn, while adjusted operating revenue climbed up 11% to ₤ 291.3 m.
William Hill said earnings from its online service 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 responsibility regulations.
The Commission said the business did not do enough to ensure oversight procedures were efficient. As a result, 10 customers were able to deposit cash linked to criminal offences.
In its results statement, William Hill reiterated that it had devoted to perform an independent evaluation as an outcome of the findings, and would work to execute any suggestions that emerge.
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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 worth of its Australian organization.
The bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared to an earnings of ₤ 181.3 m the year before.
That modification was primarily due to a ₤ 238m charge the company required to jot down the value of its business in Australia.
The writedown follows modifications in regulation - with credit-funded betting now prohibited in Australia - and an increase in tax in some states.
William Hill is currently performing a strategic evaluation of its Australian company, which is due to be finished by mid-2018.
Online increase
Despite the substantial write-off pressing the company into a loss, William Hill said that its underlying performance had improved.
Net earnings rose 7% to ₤ 1.7 bn, while adjusted operating revenue climbed up 11% to ₤ 291.3 m.
William Hill said earnings from its online service 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 responsibility regulations.
The Commission said the business did not do enough to ensure oversight procedures were efficient. As a result, 10 customers were able to deposit cash linked to criminal offences.
In its results statement, William Hill reiterated that it had devoted 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'
0:55
1 February 2018
Betting shares slide on stake-cut report
22 January 2018