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Turkey coup and disruption prompts Thomas Cook to cut profit outlook

Reuters - UK Focus

LONDON, July 28 (Reuters) - British travel company Thomas Cook cut its full-year profit target on Thursday as the Brexit-induced collapse in the pound, attacks in Europe and a failed coup in Turkey forced customers to cancel holidays.

Travel groups such as Thomas Cook (Xetra: A0MR3W - news) and TUI (LSE: 0NLA.L - news) and airlines including easyJet, Air France-KLM (LSE: 0LN7.L - news) and Lufthansa have all been hit by the recent events.

Thomas Cook, which has been particularly affected by the problems in the previously popular destination of Turkey, said it expected to report operating profit for its full-year of 300 million pounds, compared with the guidance given in May of between 310 million and 335 million pounds.

Like most holiday companies, Thomas Cook relies on the summer season to generate all of its profits. Reporting third quarter results, it said summer bookings were down 5 percent compared to last year. (Reporting by Kate Holton)