Nov 29, 2018

Thomas Cook: heat rash

The really damning thing is that the scorching, sport-packed summer was awful for Thomas Cook, the London-listed travel group, but absolutely fine for On The Beach, an online rival which went public in 2015. Peter Fankhauser, Thomas Cook's chief executive, needs to take urgent action to improve the group's resilience. Results from Thomas Cook on Thursday were as grim as the market had feared, after the company had issued its second profit warning in three months. Neither does On the Beach pay for a huge network of shops on the High Street, which these days account for about one-fifth of Thomas Cook's bookings. The stock market capitalisation of On The Beach is now bigger than Thomas Cook, which traces its origins to 1841.

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