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Shares in travel operator Thomas Cook (LON:TCG) sank by 22.74% to 60.15p (as of 14:10 BST) after group bookings for the 2018 summer season were flat in the UK and Continental Europe. The company said that warm domestic weather meant that people put off booking foreign holidays and that, as a result, margins had been tighter in late bookings due to excess supply.
Sales for the winter season are also 2% behind the same point in the prior year, with slower sales in Continental Europe and the Nordic nations. As a result of these developments, full year operating profit forecasts have been downgraded to £280 million.