Holiday giant Thomas Cook has posted £25m losses in the three months up to 30th June, blaming their debt and poor performance on the unrest in Northern Africa and the Middle East. Countries such as Tunisia, Egypt and key for the company, and the company said in its interim management statement: "This impact is a result of low volumes and margins in the affected areas where we have been operating at approximately 60% of normal levels."
They have also announced a complete review of their services, with an intention to strengthen the Thomas Cook brand, review its in-house airline and to improve its pricing and product differentiation: "The board have begun to review these plans and we will update the market on the strategic direction of the UK business in due course."
The company have also been hit by the departure of group chief executive Manny Fontenla-Novoa 'with immediate effect' after the Thomas Cook share price plummeted from more than 150p in early June, to just 60p recently. The current deputy to the group CEO, Sam Weihagen will take over on an interim basis.
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