Thomas Cook looks at more disposals after losses mount

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In the three months to the end of December, the company made a loss of £91 million, a result it blamed on "tougher trading conditions and rising fuel costs".

The figure compares with a loss of £37 million for the same period a year earlier, a sign of how tough Thomas Cook is finding life.

Without a permanent chief executive since the ousting of Manny Fontenla-Novoa last year, the company has issued a string of profit warnings and seen its shares crash.

Today interim boss Sam Weihagen said a "full strategic review" of the business was "progressing well".

One plan, unveiled today, is to sell off the Indian business, a separately listed outfit in which Thomas Cook has a 77% stake. It is valued at about £120 million.

The business has been affected by unrest in popular destinations such as Egypt, Morocco and Tunisia, but claims that bookings from UK customers are at least steady.

Nick Batram at Peel Hunt said: "Given some of the recent headlines, the update could have been worse. Unfortunately, there are clearly significant trading challenges outside the UK."

In December the company said it planned to close 200 underperforming shops and 500 hotels and is lining up further disposals.

The shares edged up 0.87p to 13.87p.