Thomas Cook Early Summer Bookings Slump
UK travel group Thomas Cook has been hit by a slump in summer package bookings, according to a report in the Financial Times.
The fall in bookings coming in the first half of January, normally a key booking time for the UK holiday market, threatens to create new cash flow problems for the group, the FT reported.
The report said that the leisure industry monitor shared by tour operators which tracks bookings shows that the industry as a whole suffered a 15 percent drop in the first two weeks of the month to January 13.
While this follows a strong performance for December in summer bookings the industry has warned that 2012 would be a tough year because of economic conditions.
The report said that Thomas Cook's 33 percent early January decline compares with an 11 percent decline for major rival Tui Travel.
Thomas Cook's shares fell in early trading on Monday.