Thomas Cook slumps to £1.5bn loss as Brexit chaos hits travel plans

Firm writes down value of My Travel and says UK customers are delaying holiday bookings

Thomas Cook plunged deeper into the red and issued a fresh profits warning as the struggling travel company warned that UK customers had postponed travel plans for this summer because of Brexit uncertainty.

Shares tanked 17% to 19p after the company made a pre-tax loss of £1.5bn for the six months to 31 March, which was mainly down to a £1.1bn write-down of the value of MyTravel, the UK package holiday business that it bought in 2007. If followed a £303m loss in the same period last year. Thomas Cook said it had revalued MyTravel “in light of the weak trading environment”.

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from Travel | The Guardian http://bit.ly/2WauQei