Thomas Cook: feels pinch of hot summer; warns on profit
(CercleFinance.com) - Thomas Cook said on Monday that it would replace its chief financial officer as it warned "weak trading" would hurt its full-year profit.
The British tour operator said that Bill Scott will step down on 30 November following the presentation of the group's full-year results.
Sten Daugaard - who has previously worked as CFO of Lego - has been named as chief financial officer on an interim basis, it said.
In its trading update, Thomas Cook said summer activity has been "tough," since the prolonged hot weather across Europe has pushed many customers to spend June and July at home and put off booking holidays abroad.
Based on this "weak trading," Thomas Cook now expects to deliver full-year underlying operating profit of around 280 million pounds.
Its shares collapsed as a result, losing over 20% of their value on this news.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The British tour operator said that Bill Scott will step down on 30 November following the presentation of the group's full-year results.
Sten Daugaard - who has previously worked as CFO of Lego - has been named as chief financial officer on an interim basis, it said.
In its trading update, Thomas Cook said summer activity has been "tough," since the prolonged hot weather across Europe has pushed many customers to spend June and July at home and put off booking holidays abroad.
Based on this "weak trading," Thomas Cook now expects to deliver full-year underlying operating profit of around 280 million pounds.
Its shares collapsed as a result, losing over 20% of their value on this news.
Copyright (c) 2018 CercleFinance.com. All rights reserved.