Thomas Cook still held back by UK

LOSSES at Thomas Cook narrowed in the first half of the year but the travel giant flagged that the UK is still causing it a headache.

The group posted a £303 million loss in the six months to March 31, which compares to a £314 million loss in the same period last year.

Revenue rose five per cent to £3.2 billion, driven by growth to Egypt and long-haul destinations.

Thomas Cook boss Peter Fankhauser said that the firm continues to experience “margin pressure” in the UK, due to a combination of “hotel cost inflation in Spain, currency impact and capacity increases in the market”.