May 16, 2019

Thomas Cook says Brexit hitting holiday plans

AFP Travel firm Thomas Cook has warned of "Further headwinds" for the rest of the year after reporting a £1.5bn loss for the first half of the year. It said there was "Now little doubt" that Brexit had caused customers to delay their summer holiday plans. "The prolonged heatwave last summer and high prices in the Canaries reduced customer demand for winter sun, particularly in the Nordic region, while there is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for this summer," he added. Travel companies usually report a first half loss - last year's was £303m - but this year the loss was deeper because of the decision to revalue MyTravel "In light of the weak trading environment". Mr Fankhauser said that looking to the rest of the year "The continued competitive pressure resulting from consumer uncertainty is putting further pressure on margins".

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