Thomas Cook warns of tough times ahead

LONDON: Europe's second-biggest tour operator, Thomas Cook, warned trading conditions could become even more challenging in 2010 though it was confident of meeting market expectations for the year.

CEO Manny Fontenla-Novoa said the group had taken into account the challenges of rising unemployment, pressures on consumer spending, the weakness of sterling and next summer's soccer World Cup as it prepared for the year to come.

"We always thought that 2009/10 was going to be very tough, perhaps even tougher than the year just finished," Fontenla-Novoa told a conference call yesterday.