William Hill’s Aussie woes tip the firm into the red but the bookie’s online revival continues

WILLIAM Hill’s Australian woes tipped the firm into the red today but the bookie’s online revival continues apace.

A total of £335 million in writedowns included a £238.3 million impairment Down Under, where the industry faces tough new restrictions on credit betting and online gambling.

The business has been put up for sale by the bookie. Chief executive Philiip Bowcock says there should be “clarity” on the outcome by the second half.

Hills posted a pre-tax loss of £74.6 million for the year to December 26 as a result, down from a £254.9 million profit previously.

But Bowcock, who inherited a business which had lost its way under previous boss James Henderson, cheered a 32% rise in profits at the online business while the betting bonanzas of Cheltenham and the summer’s World Cup await.

Bookie-friendly results early this year, such as Bournemouth’s shock win over Arsenal (pictured), have also helped.

But clouds loom for the industry, including the predicted clampdown on betting-machines stakes, which account for a major chunk of profits from its 2300 betting shops. Bowcock again warned of a “significant” number of closures in the event of a £2 stake being imposed.

Stifel analyst Jeffrey Harwood said: “This year the principal risk is increased regulation and/or taxation and a major downturn in the UK economy.”

The shares fell 3.7p to 327.4p.