Figures filed with Companies House reveal Kuoni Travel made a loss of £16.1 million for the year ending December 31st 2010.

This is compared to a loss of £7 million in the previous year.

Turnover was also down by 3.8 per cent for the year – from £327.4 million in 2010 to £313.7 million in 2011.

Analysts at Morgan Stanley warned travel agents in the UK – including Thomas Cook – were in danger from falling demand in an uncertain market place.

Kuoni directors put the performance down to the economic climate and a reduction in spending.

However the report also states: “Taking into account events such as April 2010 volcanic ash cloud, the Thai protests, British Airways strikes, General Election, the World Cup and December 2010 snow disruptions into consideration, the directors consider the group to be performing in line with expectation.”

Net assets also decreased by 41 per cent from £39.3m to £23.1m.

Parent company Kuoni has been nominated for a clutch of titles at the World Travel Awards, including Australasia’s Leading Tour Operator, Caribbean’s Leading Tour Operator and Europe’s Leading Tour Operator.

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