Shares in Thomas Cook fell by over 30% after the travel firm issued a second profits warning since September, citing a fall in demand due to the unusually hot UK summer. The surprise profit warning came just before the company issued results for the nine months to September. The company expects a £58m (£250m) decrease in underlying operating profits YoY to $74m, largely due to its tour operator business losing earnings. Thomas Cook has also confirmed winter bookings are down 3%, largely due to the heatwave’s “knock-on effects”. Shares in the company have fallen nearly 70% during 2018.
Shares in Thomas Cook fell by over 30% after the travel firm issued a second profits warning since September, citing a fall in demand due to the unusually hot UK summer. The surprise profit warning came just before the company issued results for the nine months to September. The company expects a £58m ($74m) decrease in underlying operating profits YoY to £250m, largely due to its tour operator business losing earnings. Thomas Cook has also confirmed winter bookings are down 3%, largely due to the heatwave’s “knock-on effects”. Shares in the company have fallen nearly 70% during 2018.