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According to industry analysts, the slump has come about due to the tough economic climate, which has persuaded many holidaymakers to choose ten-day breaks over 14-day trips and look for value-friendly all-inclusive deals.
Manny Fontenla-Novoa, chief executive of Thomas Cook, said the firm will still sell four million package deals this year, but the profit it earns from these purchases will be just half the normal level.
"Consumers are seeing the amount of spare cash in their pocket shrink. It means they have less to spend on things they like," he told the Daily Mirror.
In the six months to March 31st, Thomas Cook recorded a pre-tax loss of more than £269 million, with the company blaming the result on political uprisings in the Middle East and North Africa.
Posted by Clive Arneil
