Due to “adverse tax and regulatory changes” in Australia

Australian business writedown costs William Hill USD 917 M loss

The writedown follows “adverse tax and regulatory changes” in Australia, claims the operator, with credit-funded betting now banned in Australia and a rise in taxation in some states.
2018-02-23
Reading time 1:03 min
This week, the operator has reported a pre-tax loss of USD 917 million for 2017 after a USD 293 million charge the company took to write down the value of its business in Australia.

This week, William Hill has reported a pre-tax loss of USD 917 million for 2017 after a USD 293 million charge the company took to write down the value of its business in Australia. The numbers are compared with a profit of USD 2.230 million in 2016. The writedown follows “adverse tax and regulatory changes” in Australia, claims the operator, with credit-funded betting now banned in Australia and a rise in taxation in some states.

William Hill is currently carrying out a strategic review of its Australian business, which is due to be completed by mid-2018. Despite the hefty write-off pushing the company into a loss, William Hill said that its underlying performance had improved.

Net revenues rose 7% to USD 2,09 billion, while adjusted operating profit climbed 11% to USD 358,2 million. William Hill said revenues from its online business rose 13%, which it said reflected improvements to its website and marketing.

On Tuesday, William Hill was hit with a £6.2m fine by the Gambling Commission for breaching anti-money-laundering and social responsibility regulations. The Commission said the company did not do enough to ensure oversight measures were effective. As a result, 10 customers were able to deposit money linked to criminal offences.

In its results statement, William Hill reiterated that it had committed to carry out an independent review as a result of the findings, and would work to implement any recommendations that emerge.

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