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March 4, 2021, 2:44 a.m. EST

William Hill swings to profit

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By Adria Calatayud

William Hill PLC said Thursday that it swung to a pretax profit for 2020 as a value-added tax receipt offset a noncash write-down on its retail operations and a revenue drop due to the coronavirus pandemic.

The FTSE 250 betting company, which in September agreed to be bought by U.S. casino and hotel operator Caesars Entertainment Inc., said pretax profit for last year was 51.0 million pounds ($71.1 million) compared with a loss of GBP37.6 million for 2019.

William Hill said pretax profit benefited from a VAT receipt of GBP208.3 million, which offset a retail noncash impairment of GBP125.7 million and costs related to the Caesars deal.

Revenue for the year fell to GBP1.32 billion from GBP1.58 billion in 2019.

William Hill said it enters 2021 with its balance sheet in a healthy position, which enables it to capture opportunities through the acquisition by Caesars and its buyer's intention to seek suitable partners or owners for the non-U.S. business.

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