Thomas Cook loses third of its value

Thomas Cook lost a third of its value after the holiday operator cut its profit guidance for the second time in two months and suspended its dividend, burned by the effects of a hot British summer and one-off charges.

The oldest travel company in the world, Thomas Cook has been hurt by the heatwave that gripped northern Europe this year, deterring holidaymakers from booking lucrative last-minute deals and sending its shares down 70% in 12 months.