• Monday, August 15, 2022

Business

Thomas Cook Shares Plunge After It Cuts Annual Profit Forecast

Thomas Cook Shares Plunge After It Cuts Annual Profit Forecast (Photo: PHILIPPE HUGUEN/AFP/Getty Images).

By: Radhakrishna N S

Shares of British holiday firm Thomas Cook declined nearly 20 per cent on Monday (24) late morning trade after the company cut its annual profit forecast. Following a decline in demand, Thomas Cook expects for a full-year underlying operating profit of £280 million, lower when compared to the previous projection of £323m. The company said hot weather conditions reduced demand for bookings across its vital summer season. People opted to remain in their homes in June, July period causing a decline in the number of customers. The decline in the number of customers extended to August also, forcing the firm…

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