The former chief executive of bankrupt travel firm Thomas Cook said that he understood public anger over his pay but defended his record, saying he had worked tirelessly to try to save the company.

Travel group Thomas Cook reported lower profit margins in its British business due to tough competition in Spain, sending its shares down more than 10% and leaving it reliant on a recovery in Egypt and Turkey to ease the pressure.

Ryanair rival budget airline Wizz Air, which has withstood the pressures in the aviation sector better than many of its rivals, said it would offer new routes from London’s Luton airport to Cyprus, Slovakia, Estonia, Ukraine and Albania.