LONDON: British holiday company Thomas Cook cut its 2018 profit forecast, blaming a heatwave in northern Europe for more discounting and tougher competition in the most profitable later part of the summer season, sending its shares plunging.
The stock lost 22% of its value by 0745 GMT yesterday after it said profit would be 13% lower than expected, and as the company warned that poor demand in the latter part of its financial year was spilling over into next year.
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