The company said today (Monday, September 24) that trading since the last update in July has been “tough”, particularly in the tour operator, where its ability to drive margins in the lates market “has been further restricted by excess summer capacity”.
“In addition, we have reflected the more difficult trading environment for some of our suppliers in our approach to historic hotel recoveries, a non-cash item,” added Cook.
“Accordingly, we now expect to deliver full-year underlying operating profit of around £280 million, of which the greater element of the downgrade is related to the weak trading.”
