Thomas Cook Blames Brexit For Huge £1.5bn Half-Year Loss

Troubled holiday giant Thomas Cook has slumped to a £1.5 billion half-year loss as it warned Brexit uncertainty had seen Britons delay their summer holiday plans. The cash-strapped group’s pre-tax losses widened from £303 million a year earlier and the firm warned “challenging” trading over the peak summer season was set to put the full-year result under pressure. It now expects underlying earnings to fall over the second half as holiday firms cut prices to boost Brexit-hit demand and costs of fuel and hotels rise. Thomas Cook is planning further cost savings in the second half to offset tougher trading and higher fuel expenses, following its decision in March to shut 21 stores and axe more than 300 retail roles.