Thomas Cook’s share collapse scares British holidaymakers
Warning that stock is worthless
London — British holidaymakers on Sunday flooded troubled tour operator Thomas Cook with concerns about their trips after its share price collapsed. All eyes are on what will happen to the stock value of Britain’s oldest and largest independent travel company when the markets reopen on Monday. Shares dived on Friday after Citigroup reportedly warned in a broker note that the stock was worthless. The company's share price fell 27.26% to just 14.26p in midday deals on the London stock market. The news came a day after Thomas Cook revealed that first-half losses widened on a major writedown, which it blamed in part on Brexit uncertainty that has delayed summer holiday bookings.
The firm posted a net loss of £1.47n in the six months to March 31, after customers also put off trips abroad last winter. The loss after tax, after a writedown of £1.1bn, compared with a net loss of £254m in the first half of its 2017-2018 financial year.Responding to customer concerns on its social med...