Thomas Cook cuts losses as sales hold up

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Chief executive Manny Fontenla-Novoa said "major foreign holidays" are a "high priority" for many Britons and Europeans.

It echoed the view of TUI Travel chief executive Peter Long who this week said people give up holidays "very reluctantly".

Fontenla-Novoa said: "The group has had a successful winter and trading to date for the summer season is strong. We have not seen any effect on our trading to date from the current economic conditions."

Thomas Cook cut first-half losses from €267.6 million (£213million) to €193.6 million despite sharp rises in the cost of fuel. Revenues were up 5% to €4.39 billion.

Fontenla-Novoa said: "The cost of fuel and the fall of sterling against the euro have made achievement of our euro-dominated results more difficult, but I remain confident we will achieve our goals for this year."