William Hill has cited high street woes for a predicted 15 per cent drop in full year profits.

The bookmaker said that adjusted operating profit is set to come in at £234 million, lower than last year but in line with expectations and within the previously guided range of £225m to £245m.

William Hill hailed "excellent growth in the US", but bemoaned a reduction in retail profits, which it said were "challenged by wider high street conditions".

Last year, the firm warned over profits as regulatory and tax changes hit online growth, saying it will knock it by £20m in 2018 and a further £25m in 2019.

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William Hill is among gambling firms set to be hit by the Government's crackdown on fixed-odds betting terminals, limiting the maximum stake to just £2 from £100, which will take effect in October next year.

But the company is looking to provide alternative gaming options as well as refocusing its estate to offset the hit from the regulation.

Boss Philip Bowcock said: "2018 was a pivotal year for both William Hill and the wider industry.

"We now have greater clarity around the key challenges and opportunities for our business.

"In 2019 we will remodel our retail offer while building a digitally-led international business."

It is also taking advantage of the legalisation of sports gambling in many states in the US.

It hoped to broadly break-even in the US in 2018, after allowing for significant expansion costs.

William Hill is also acquiring elsewhere, splashing out £241m for Sweden-based online betting firm Mr Green & Co.

The Herald:

Outdoor retailer Mountain Warehouse has defied the high street gloom and reported record Christmas trading following a surge in sales of socks, fleeces and gloves.

In the 13 weeks to January 6, Mountain Warehouse saw revenue jump almost 12% to £84.7m.

The privately owned group also enjoyed a bumper Black Friday, with total sales up 20% and online sales passing £1m on a single day for the first time in its history.

Boss Mark Neale said this puts the business on track for record full-year profits.

"The business is continuing to perform strongly despite the economic backdrop."

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He added: "The prior year's performance was exceptional due to the cold weather and widespread snow we saw in the run-up to Christmas 2017.

"I'm therefore really pleased to report this year's strong performance despite the unusually mild weather we have been experiencing. This puts us well on course for another record year."

Last year the retailer, which employs around 3,000 people, grew its sales by 22% to £225.3m and booked earnings of £32.6m.

Mountain Warehouse served over three million customers during the 13-week festive period, with bestsellers including over 500,000 pairs of socks, almost a million fleeces, over 500,000 winter jackets and over 400,000 pairs of gloves.

The chain, which started with a single store in 1997, has stores across Scotland.

The Herald: Patisserie Valerie half year pre-tax profits

Patisserie Valerie has said that it remains locked in talks with its lenders as the future of the cake chain remains in doubt.

The firm said in a brief update that it is in discussions to extend a standstill agreement on its debts.

It said: "Patisserie Holdings plc announces today that, further to the announcement on January 16, the company is still in discussions with its bankers to extend the standstill of its bank facilities beyond January 18 and will issue an update when those discussions have concluded."