May 16, 2019
Thomas Cook takes £1bn writedown as it warns of tough conditions
Thomas Cook on Thursday revealed that its losses swelled sharply in the first half of its financial year as the UK travel group took a £1.1bn writedown and warned of "Challenging" trading conditions across its markets. Thomas Cook's deepening losses came as the group took a £1.1bn impairment charge related to its 2007 merger with MyTravel. Thomas Cook said it had to revalue the deal "In light of the weak trading environment". At its full-year results in November, Thomas Cook had said it expected to "Deliver progress on underlying ebit" in the current financial year. Question marks have been hanging over Thomas Cook since it announced that it would look to restructure the business, including a sale of the airline in February.
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