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Thomas Cook posts half-yr loss on Brexit uncertainty

Thomas Cook posts half-yr loss on Brexit uncertainty

Mubasher: Thomas Cook reported a year-on-year loss over the six month period ended last March as the Brexit uncertainty led UK consumers to put off holiday plans, according to the travel firm’s financial statement.

The UK company posted a pre-tax loss of GBP 1.456 billion in the fiscal half year to March, a bigger loss than GBP 303 million a year ago.

The weak trading environment prompted Thomas Cook to write down the value of the business by GBP 1.1 billion.

“There is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for the summer,” Thomas Cook’s CEO Peter Fankhauser said.

The uncertainty over the UK’s departure from the European Union (EU) led to “softer demand for summer holidays across the industry,” while wild competition meant more cut-price offers, Fankhauser noted.

The company generated GBP 3.01 billion in revenue in the period between October 2018 and March 2019, compared with GBP 3.22 billion