William Hill pushed into loss by Australia writedown

William Hill pushed into loss by Australia writedown

Betting firm William Hill has been pushed into an annual loss after slashing the value of its Australian business.

The bookmaker reported a loss of £74.6m for 2017, compared with a profit of £181.3m the year before.

That change was mainly due to a £238m charge the company took to write down the value of its business in Australia.

The writedown is due to changes in regulation – with credit-funded betting now banned – and a rise in taxation.

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 £1.7bn, while adjusted operating profit climbed 11% to £291.3m.

Source: BBC News

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