New resorts

19 May 2016 By Carol Ryan

Despite increased like-for-like revenue, the UK holiday group’s shares dropped by almost a fifth as it reported half-year results. A missing Egypt-bound airplane underlines how difficult the tourism business has become.

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British holiday company Thomas Cook said on May 19 that summer bookings were down 5 percent compared with a year earlier, as tourists shunned Turkey, its second-most popular destination last year.

The group said revenue for its first half grew slightly to 2.7 billion pounds.

Thomas Cook said it expected underlying operating profit for the year to be between 310 million and 335 million pounds, towards the bottom of analysts’ forecasts of 310 million to 359 million.

The company’s shares were down 18 percent at 1030 BST on May 19, to 74 pence.

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