Thomas Cook has said there is "now little doubt" that Brexit has caused consumers to delay summer holiday plans, which has made a significant contribution to its £1.45 billion loss for the first half of the year.
The travel agent also warned of "further headwinds" for the second half of the year as it looks to increase efficiency and raise more funds. A series of profit warnings over the past year has seen its share price drop from 140p to just 20p in the space of 12 months.
Thomas Cook said that the majority of the losses, £1.1bn in total, came as a result of writing down the value of My Travel, the business it merged with in 2007.
It also revealed that it has received multiple bids for its airline business, which includes a 103-strong fleet of planes. Thomas Cook has been actively seeking bidders as a way to raise funds.
Thomas Cook chief executive, Peter Fankhauser, said: "The prolonged heatwave last summer and high prices in the Canaries reduced customer demand for winter sun, particularly in the Nordic region, while there is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for this summer.