UK : Thomas Cook reveals huge net loss
Tuesday, December 4, 2018

Thomas Cook has announced a £163 million loss after tax for the 12 months to the end of September, which chief executive Peter Fankhauser described as 'a disappointing year'. The announcement to the London Stock Exchange this morning came two days after the company issued its second profit warning in two months, blaming this summer's heat wave for its worsened performance. As a result of the loss, the Group's net debt has rocketed from £40 million last year to £389 million. The group's earnings for 2018 were £250 million, down 76% on last year. Operating profit from the tour operating side of the business was down £88 million, which Thomas Cook blamed on discounting in the lates market. The UK was particularly disappointing it said, adding that it needed to 'address performance' in its UK tour operating business. However, its airline saw a strong profit growth of £35 million, despite suffering more disrupted flights. Read on®ion=2&m_id=_rs~dnd~A&w_id=35517&news_id=2035110

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