Thomas Cook Group has reported net, pre-tax losses of £53 million for the financial year to September 30th.

The figure is a sharp turnaround from profits of £43 million last year, driven largely by a summer heatwave in the UK.

Shares in the tour operator stood at 35 pence earlier, down slightly, after large losses earlier in the week.

Underlying earnings before interest and taxes fell to £250 million from £326 million.

Revenue for the year rose six per cent on a like-for-like basis to £9.58 billion, boosted by growth the airline sector.

For fiscal 2019, Thomas Cook said it expects to improve its underlying earnings and reduce exceptional items, leading to “substantial progress” on operating profit.

The company said tour-operator bookings are down three per cent from the prior year for the winter season, while early summer bookings have been mixed.