THOMAS COOK WARNS OVER BREXIT

Thomas Cook shares have tumbled after it slumped to a £1.5 billion half-year loss and issued a fresh profit warning as Brexit uncertainty sees customers delay their holiday plans.

Shares in the troubled holiday firm plunged 16 per cent after pre-tax losses widened from £303 million a year earlier and it warned second half earnings would be hit amid tough trading over the key summer period.

Boss Peter Fankhauser said there was “now little doubt” that Brexit had caused UK holidaymakers to postpone their summer travel planning, with no pick-up since the EU withdrawal deadline was put back by six months.

He also confirmed the cash-strapped group has received “multiple” bids for its airline, which was put up for sale in February to help shore up its finances.

Thomas Cook is slashing costs further in the second half in the face of tough trading and higher fuel expenses.