Partly as a result of hotel price increases, the post-Brexit weakness in sterling and a more competitive market in Spain, Thomas Cook’s UK business has reported a 40% profit fall.

Overall strength in other markets meant that the company’s full-year pre-tax profit rose by 35%, but share price fell by 8.4% following the announcement.

The Thomas Cook airline division fared better, and underlying profits were also up in Continental Europe and the Nordic region as well as more interest in holidays to Turkey and Egypt, previously affected by terrorism.

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