Cook's share price tumbles following losses

The price hovered around 19p in the hours following news of its £1.45 billion loss, down around 15%. It compared to a share price of £1.46 on the same day in 2018.

Shares at the beginning of this week were around 22p and they have some way to go before the price hits the record low of 13p. This was reached in February 2012 when the operator almost collapsed after a disastrous year.

Then, it reported losses of £485 million following fuel price increases, unrest in key destinations and a £17 million loss on its role as the official London Olympics operator.

Cook was then forced to seek a £1.4 billion refinancing package after an emergency £200 million bailout a year earlier.

Cook has this week confirmed the appointment of a former finance chief as non-executive director to its board.

Jamie Wilson joins having been executive vice-president and chief finance officer of direct sell beauty brand Avon, as well as a similar role at brewer SABMiller.

Wilson joins Cook’s audit and health, safety and environmental committees.

"Jamie brings a strong track record of financial leadership along with experience of delivering complex change and efficiency programmes," said Cook chair Frank Meysman.