William Hill Pushed Into Loss
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William Hill pressed into loss by Australia writedown
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23 February 2018
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William Hill has actually been pressed into a yearly loss after slashing the worth of its Australian company.
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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.
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That modification was mainly due to a ₤ 238m charge the business took to jot down the yohaig code value of its organization in Australia.
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The writedown follows changes in policy - with credit-funded betting now banned in Australia - and a rise in tax in some states.
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William Hill is presently carrying out a tactical review of its Australian company, which is due to be completed by mid-2018.
Online increase
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Despite the hefty write-off pressing the business into a loss, William Hill said that its underlying performance had improved.
Net profits increased 7% to ₤ 1.7 bn, while adjusted operating profit climbed 11% to ₤ 291.3 m.
William Hill said revenues from its online organization rose 13%, which it said 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 duty guidelines.
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The Commission said the business did refrain from doing enough to ensure oversight procedures were effective. As an outcome, 10 clients were able to deposit money linked to criminal offences.
In its outcomes declaration, William Hill reiterated that it had actually committed to carry out an independent review as an outcome of the findings, and would work to implement any recommendations that emerge.
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