Thomas Cook's Dismal Year Gets Worse With New Profit Warning
- Stock slumps as much as 33%, is down three-quarters since May
- Travel company had failed to plan for hot European summer
Photographer: Jack Taylor/Getty Images
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Thomas Cook Group Plc lost as much as one-third of its value, suffering fresh fallout from the U.K. tour operator’s botched execution during the all-important summer travel season.
Annual profit missed guidance that had already been cut twice earlier in the year, the company said Tuesday. Thomas Cook suspended its dividend, saving it a cash outlay of about 9 million pounds ($11.5 million) as it heads into the slower winter months and a travel outlook next year made uncertain by Brexit.