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