The heatwave in the UK has lead to people flocking to beaches such as Brighton and delaying holidays, according to Thomas Cook ANDY RAIN/EPAThomas Cook warned investors today that its full-year profits would be at the lower end of expectations as the scorching summer at home caused customers to delay their holidays. The 177-year-old travel group said the larger amount of capacity available had resulted in a glut of cut-price holiday promotions from rivals in the so-called “lates” market, causing a hit on the group’s margins. Recent pressure on margins on holidays from the UK to Spain had also continued to have an impact, it said, amid stiff competition from rivals and a hike in bed prices by Spanish hoteliers. Peter Fankhauser, the chief executive, said: “It’s clear that we remain in a competitive environment, particularly in the UK where the growth in popularity of higher-margin destinations like…

Source: The Times July 31, 2018 11:02 UTC