Debenhams (LON:DEB) has issued another profit warning as sales continue to slow. The retailer warned that its previously released profit projections “were no longer valid”. Back in January, the retailer said in its Christmas trading update that it was “on track to deliver current year profits in line with market expectations”. However, Debenhams has now withdrawn this outlook, citing financing costs as well as an uncertain trading environment. Sergio Bucher, the chief executive of Debenhams, said: “We are making good progress with our stakeholder discussions to put the business on a firm footing for the future. “We still expect that this process will lead to around 50 stores closing in the medium term.” He continued: “Our priority is to secure the best outcome for the business and all our stakeholders, whilst minimising the number of store closures and job losses. To do this, as we have said before, we will need the support of both landlords and local authorities to address our rents, rates and lease commitments. I would like to thank our staff – and all our stakeholders – for their continued support through this period, as we work to deliver a sustainable future for the company.” Debenhams is one of many high street retailers which have been struggling as of late. Last year, House of Fraser narrowly avoided falling into administration after an eleventh hour rescue deal by Mike Ashley’s Sports Direct. Meanwhile, high street music and film retailer HMV was recently bought out of administration by Canadian businessman Doug Putman, after racking up heavy profit losses. Shares in Debenhams are currently trading -6.83% as of 10:26AM (GMT).

Refeyn has received a £1 million equity investment from Foresight Williams Technology EIS fund as part of a £2.55 million round. The investment will be used to scale up the manufacture and distribution of current products in addition to the development of new ones. Refeyn will join Open Bionics, FreeFlow Technologies and Inovo, just to name a few, on the fund’s investment portfolio. Refeyn is the spin out company of the University of Oxford’s Chemistry Department. It was founded in order to commercialise a new technology application in molecular mass measurement. Growing to twelve employees, the company is currently developing new scientific instrumentation. “This investment offers a very exciting opportunity to apply Williams Advanced Engineering’s product design and manufacturing expertise to help Refeyn scale rapidly,” Matthew Burke, head of technology ventures at Williams Advanced Engineering, said in a statement. The Foresight Williams Technology EIS Fund represents a collaboration between Foresight and Williams. Headquartered in London, Foresight is a leading independent infrastructure and private equity investment manager with over thirty years of experience. Additionally, Williams Advanced Engineering Limited operates a technology and engineering services business that forms part of the Williams Group. The UK Government’s Enterprise Investment Scheme (EIS) gives investors the opportunity to qualify for financial assistance to fund small and medium sized enterprises during their early stages. EIS Funds allow investors to build a portfolio of businesses or startups in their early-stages. They are currently available in two different forms – HMRC ‘Approved’ and HMRC ‘Unapproved’. The most significant different between these two is that with an Approved fund, it is almost impossible to carry back Income Tax relief to the previous tax year. “We are delighted to have the Foresight Williams Technology EIS Fund on board. Foresight’s backing will be instrumental in enabling us to achieve our ambitious commercial goals, while the expertise of Williams in engineering and design will accelerate the maturation of our technology,” Professor Phillipp Kukura, Founder and Director of Refeyn, commented. Over a period of two years, the Foresight Williams Technology EIS Fund will invest between £0.25 million and £2 million in at least ten small businesses that meet the specific investment criteria. In addition to Oxford University’s Refeyn, the fund has also invested £1.5 million in Open Bionics, the award-winning designer, manufacturer and supplier of bionic limbs, and a further £1.5 million in Inovo, the early stage collaborative robot development company.

888 (LON:888) announced mon Monday that it had acquired BetBright’s sports betting platform for £15 million. Listed on the London Stock Exchange, the Gibraltar based company acquired the sports betting platform in order to support its long term development strategy for 888Sport. Under the acquisition, BetBright’s Dublin office is set to be integrated into 888. Additionally, the company will receive complete ownership over its technology and product development across its four key betting verticals – Casino, Sport, Poker and Bingo. 888 is one of the world’s leading online gaming and entertainment providers. Founded in 1997, it also operates in three US states – Nevada Delaware and New Jersey. “This acquisition of a high-quality and scalable sportsbook is an exciting milestone for 888. It gives the Group the missing piece in our proprietary product and technology portfolio and will enable 888 to own proprietary, end-to-end solutions across the four major online gaming verticals,” Itai Pazner, the Chief Executive commented in a company statement. “With 888Sport becoming an increasingly established and popular worldwide sports betting destination, we believe it is the right time to take ownership of our full sports betting proposition. We are confident that this acquisition will increase the Group’s long-term prospects and differentiation in the growing global sports betting market,” he continued. Last year sports betting was legalised across the US following a supreme court ruling. Federal law previously barred gambling on football, basketball, baseball and other sports in most US states under the Professional and Amateur Sports Protection Act. Established in 1992, only some exceptions qualified under the law. 888 revealed its plans to expand into the US in its full-year financial results posted in December. It had purchased the remaining 53% of shares in All American Poker Network for $28 million. The US Supreme Court’s ruling that removed the law that banned sports betting has created opportunities across the Atlantic for the company to exploit. At 09:41 GMT today, shares in 888 Holdings (LON:888) were trading at -3.61%.

Ryanair (LON:RYA) announced that it flew 13% more passengers in February on-year. Passenger volumes for the month of February reached 9.6 million customers, with a load factor of 96%. These statistics bring the budget carrier’s financial year-to-date growth to 9%. Elsewhere in the industry, Wizz Air (LON:WIZZ) also announced its passenger volumes statistics on Monday. The largest low-cost airline in Central and Eastern Europe flew roughly 2.4 million passengers over the month, expanding its full capacity by 9.3%. It expanded its network by offering five new routes to and from Poland, Ukraine and Budapest, with two new destination airports to Spain and Norway. Ryanair faced baggage-policy chaos in 2018, altering its baggage policy twice in one year. The flyer dramatically reduced the amount of free luggage that passengers are able to take on board with them, introducing a reduced ‘medium’ sized bag option. It was also hit by staff strikes with walkouts staged in Portugal, Germany, Spain, Belgium and the Netherlands. By claiming to close bases and relocate staff, Ryanair has been attempting to limit the power of its staff unions. Ryanair posted its third quarter results in early February, outlining that it had suffered over the period. As average fares decreased and costs increased, low-cost airline announced a €19.6 million loss for the period. Much of the increasing costs were as a result of higher fuel prices and staffing. Tough conditions have had a sector wide impact, with EasyJet (LON:EZJ) announcing that the Gatwick drone sightings cost it £15 million. EasyJet did, however, team up with Delta (NYSE:DAL) and Italy’s state controlled railway to discuss a rescue deal that would save the struggling Italian airline Alitalia. With less than a month before the UK departs from the European Union, complicated passport rules could come into effect and complicate air travel if the UK leaves without a deal. At 09:10 GMT Monday, shares in Ryanair Holdings plc (LON:RYA) were trading at -0.2%. Its share price has, however, been on the rise since beginning of February.

Ted Baker (LON:TED) announced on Monday that its chief executive and founder, Ray Kelvin, has resigned with immediate effect. His resignation comes amid a continued investigation into allegations of personal misconduct. Ray Kelvin, who founded the apparel chain in 1988, has denied all allegations made against him. The CEO initially took a leave of absence in December after the allegations were made against him. Ted Baker hired the law firm Herbert Smith Freehills LLP to investigate into the allegations. Allegations include giving unwanted hugs and inviting female employees to sit on his knee. Complaints originally emerged following an online petition on the site Organise. The investigation into the allegations is expected to conclude at the end of the company’s first quarter, or early into its second quarter. Though he has denied all allegations, Ray Kelvin agreed to resign from his position with immediate effect. Acting Chief Executive Officer Lindsay Page has agreed to continue this role. “We are committed to ensuring that all employees feel respected and valued. We are determined to learn lessons from what has happened and from what our employees have told us,” Executive Chairman David Bernstein commented in a company statement on the matter. Ray Kelvin is the latest male corporate leader to depart following disrespectful behaviour allegations. Last week, Baroness Karren Brady resigned as chair of the holding company for Sir Philip Green’s Arcadia Group, Taveta Investments, as a result of the allegations that emerged against Sir Phillip Green. He reportedly kissed, slapped and groped a female employee, as well as racially abusing another worker. The resignation came just days after she said that she had a “duty” to employees to remain as chairman. Following the Telegraph’s reportage of staff complaints, Karren Brady said she would not resign from Taveta. At 08:43 GMT Monday, Ted Baker plc (LON:TED) shares were trading +0.93%.

Wizz Air (LON:WIZZ) announced on Monday a 13% rise in passenger volumes for the month of February. Shares in the flyer were up during early trading Monday morning. The company offers over 650 routes from 26 bases, connecting 146 destinations across 44 countries. The largest low-cost airline in Central and Eastern Europe flew roughly 2.4 million passengers over the month, expanding its full capacity by 9.3%. Over the period, the FTSE 250 company also expanded its network, offering five new routes to and from Poland, Ukraine and Budapest. Two new destination airports to Spain and Norway were also revealed. Two new Airbus A321 aircraft have been added, expanding the flyer’s fleet to 108 aircraft. Wizz Air, however, suffered last year as rising fuel and staff costs impacted earnings. During its third quarter the Hungarian airline reported a pre-tax profit of €1.8 million, which compares to €14.6 million the year prior. Despite this, its passenger numbers over the period were up 15%. Several airlines have been struggling recently, with EasyJet (LON:EZJ) announcing earlier this year that the Gatwick drone sightings cost the budget airline £15 million. Ryanair (LON:RYA) posted a loss for its third quarter. Like WIzz Air, its passenger numbers were up, rising from 30.4 million to 30.2 million. However, as average fares decreased and costs rose, the airline reported a €19.6 million loss for the period. The aviation industry could, however, see trade increase over the next few months as the Brexit date looms closer. The CEO of Heathrow said that it could benefit from additional trade if the UK leaves the European Union without a deal and if other modes of transport become blocked by additional congestion. At 08:15 GMT Monday, shares in Wizz Air Holdings plc (LON:WIZZ) were trading at +0.033%. Ryanair Holdings plc (LON:RYA) shares were trading at -0.079% (08:15 GMT). EasyJet plc (LON:EZJ) shares were trading at -0.028 (08:16 GMT).

British American Tobacco (LON:BATS) reported on Thursday a “strong business performance across all categories” for the 2018 financial year. Headquartered in London, the multination cigarette and tobacco manufacturing company posted a 45.2% rise in operating profit to £9.31 billion. Likewise, revenue also rose 25.2% to £24.5 billion. British American Tobacco withdrew from Formula One in 2006 after the sport banned tobacco advertising. But, last month, it announced its return through a “global partnership” with McLaren. This makes it the second tobacco company to return to the sport for promotional purposes not covered by the tobacco advertising ban. Volume grew 3.3% to 708 billion, though this was offset by lower volume in Saudi Arabia, the US, Brazil and Russia. Pre-tax profit fell, however, over the financial year to £8.35 million from the £29.53 million figure a year earlier. Additionally, dividend per share was increased by 4% to 203.0p per share. In 2007, new legislation made it illegal to smoke in all public enclosed – or substantially enclosed – areas in England. Over a fifth of the world’s adult population smokes. Recant estimates for the worth of the global tobacco market come in at roughly $760 billion (excluding China). Over $680 billion of this figure is generated from the sale of conventional cigarettes, with roughly 5,500 billion cigarettes being consumed each year. Additionally, the number of children vaping has doubled in five years, according to official figures. The health risks that smoke imposes are very much real, but the tobacco industry nevertheless is a substantial contributor to the economies of several countries across the globe. That said, restrictions on the manufacture, sale, marketing and packaging of tobacco products are enforced in almost every country and market. In 2017, the UK government outlined its aim to create a “smoke-free” generation in its tobacco control plan for England. Under these guidelines, it aims to reduce the number of adults smoking in England from 15.5% to 12% or below. At 14:51 GMT Thursday, shares in British American Tobacco plc (LON:BATS) were trading -1.41%.