Thomas Cook confirms nose-dive into the red

The extent of Thomas Cook’s “disappointing” 2018 was laid bare on Thursday, with the travel giant swinging sharply into the red and racking up an annual pre-tax loss of £53m.

The company has been savaged by the stock markets this week after it issued its second profit warning in two months on Tuesday.

Revenue rose 6pc to £9.6bn in the year to Sept 30. But profit margins were hit as prices were slashed to entice those booking later this summer. Last year, profit before tax was £43m.

More than 70pc has been wiped off Thomas Cook’s valuation this year. Shares were steadier on Thursday, falling around 1pc.

Boss Peter Fankhauser said the company had started the year well but had been knocked off course...

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