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Thomas Cook's summer horrordays

Thomas Cook's summer horrordays

The thing to appreciate about travel companies is that they have a lot of moving parts – there’s scope for all sorts of mischief. Then there’s the question of margins. Thomas Cook’s (TCG) restated figures for FY2017 show an adjusted operating margin of 3.6 per cent. That dropped a full percentage point by its September 2018 year-end, leaving little headroom, so a £155m financing charge sent the FTSE 250 constituent into a reported net loss of £163m for 2018.

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