Losses double to €251m at Thomas Cook

German travel group Thomas Cook has seen full-year losses double to €251m.

The company has vowed to exercise a series of cost-cutting measures rather than a full-scale restructuring as it targets savings of €50m in the German market and €100m from airline operations this year.

Customer numbers fell by 6.4% to 12.5 million while sales were down by more than 10% to €7.2bn.

Chairman Wolfgang Beeser, said today: "Significant changes in group structure are not on the agenda.

"We are not selling Thomas Cook UK. Nor will we be disposing of our activities in France, or any of the group's main other units," he added.

The travel firm - which is jointly owned by Lufthansa and KarstadtQuelle - has forecast growth of between two and four per cent this year.