Thomas Cook overhaul halves losses

Holiday giant Thomas Cook said losses more than halved in the first year of its major overhaul today before claiming it was “just the start” of its return to health.

Chief executive Harriet Green outlined plans for a further wave of cost reductions, having already begun a programme of widespread cuts that has seen it slash its network of UK travel agencies from more than 1,100 to 874 and is leading to about 2,500 job losses.