. . . AND TUI SHARES TUMBLE 19pc

TUI shares fell more than 19pc after it slashed its earnings forecast.

The travel company said that hopes of another scorching summer in the UK this year and the fall in the value of the pound meant fewer holidaymakers were booking trips abroad.

Tui expects earnings for the year ending September 30 to be broadly unchanged from the £1bn it made last year, rolling back on a previous pledge for growth of 10pc in the three years to 2020. The firm said its current-year bookings were in line with last year but that its margins – the amount of profit it makes from sales – were not.

Surprise demand for holidays in the eastern rather than western Mediterranean also meant it reserved too many rooms in spots like the Canary Islands. Shares fell 19.4pc, or 229.2p, to 954.6p.