Holiday provider Thomas Cook has posted a £1.5 billion half-year loss in its latest financial results, which the group has blamed on Brexit uncertainty.
This is a significant increase, in its results for the six months to 31 March 2019, when compared to the £303 million loss in the same period a year ago.
Thomas Cook's underlying earnings before interest and tax loss increased to £245 million, up nearly £80 million from the same period last year when it posted £170 million.
Revenue during the period dropped to £3 billion from £3.2 billion and net debt rose to £1.25 billion from £886 million.
Thomas Cook recently added a £300 million bank facility to provide additional liquidity for the winter 2019/20 season.
In a bid to cut costs, Thomas Cook made the decision in March to shut 21 stores and axe more than 300 retail roles.
The group also confirmed in its latest statement that there has been “multiple” bids have been made for all or part of its airline, which was put up for sale in February.
The firm has said it is accessing all of the bids.
Peter Fankhauser, chief executive of Thomas Cook, said: “The prolonged heatwave last summer and high prices in the Canaries reduced customer demand for winter sun, particularly in the Nordic region, while there is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for this summer.”
He added: “As we look ahead to the remainder of the year, it’s clear that, notwithstanding our early decision to mitigate our exposure in the ‘lates’ market by reducing capacity, the continued competitive pressure resulting from consumer uncertainty is putting further pressure on margins.
“This, combined with higher fuel and hotel costs, is creating further headwinds to our progress over the remainder of the year.”