Evoke PLC (LSE:EVOK) shares plummeted 18% after the William Hill owner reported annual results in line with expectations but revealed slower growth at the start of 2025.
Results for the past calendar year showed revenues up 3% to £1.75 billion and reported losses before tax more than tripling to £191.4 million from £65.2 million the previous year.
The betting and gaming group reported adjusted EBITDA of £312.5 million, which was up 4% and modestly ahead of some broker's forecasts.
Year-end net debt was flat at £1.79 billion.
Evoke said the new year had seen a "robust" start, though first-quarter revenue growth was expected to be a "low single digit" percentage, below the group's 5-9% full-year target.
It blamed this on several "Q1 specific factors", including the "short term impact of new customer journeys as part of additional safer gambling measures" in the UK that it expects to be mitigated from Q2 onwards.
Marketing and promotional spend was also higher last year and betting volumes have been affected by sports results at the end of last year that favored bookmakers and racing cancellations in January.