Leading travel agency, Thomas Cook, has issued a second profit warning in the space of two months, causing its share price to plummet more than 20%.
The £30m profit warning shows that the operations arm of Thomas Cook was dramatically down by £88m during 2018.
Worries mount over the company’s debt which currently stands at £389m, as the share value continues to tumble.
Thomas Cook attributes the drop in profit to highly discounted holidays being available in the last-minute holiday industry.
The UK summer heatwave also fell in line with the peak booking season for Thomas Cook, with more potential holidaymakers choosing to enjoy the sun at home rather than jet off abroad, having a massive impact on profits.