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Thomas Cook issues profit warning
UK-based travel company Thomas Cook has warned that annual profits will be lower than expected due to adverse trading conditions and unrest in the Middle East and North Africa.
The company has admitted that its underlying operating profit for the three months ending 30 June is likely to be £20m - £5m lower than same period last year. As a result, Thomas Cook revealed that it will be cumulative profits for the year to date will be around £40m down on last year, with annual profits now expected to come in at £320m.