Thomas Cook's share price has soared on the London Stock Exchange this morning (November 27th) on news the travel giant's losses have widened.
Pre-tax losses for the year to September 30th were up from last year's £398.2 million to £485.3 million, while revenue fell to £9.5 billion from £9.8 billion.
The company described the current business climate as "difficult" and was optimistic about the future of the business – despite its recent challenges – claiming the final quarter has shown a "major improvement" compared to that of a year ago.
Indeed, Thomas Cook says it has reduced its debts by more than £100 million over the period to £788 million.
The travel company has run into trouble recently, struggling with high debt and the downturn in the industry, while the Arab spring seriously affected sales in resorts including Turkey, Egypt and Tunisia.
At 09:55 GMT, Thomas Cook's share price was 5.2 per cent higher to 25.25p.
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