Standard Life raps Thomas Cook on pay

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The company said it had expanded its holiday offering to Greece and a number of smaller destinations in Europe to make up for the weak demand for Turkey.

Thomas Cook shares fell by up to 10%.

Thomas Cook said Greece was now its "stand-out" destination, with 2.5 million holidaymakers booked for this summer, which has seen a recovery back to levels of 2014 before the refugee crisis in Kos and wider Greek financial woes of recent years.

Thomas Cook said that 31 percent of its summer holidays had already been sold, with bookings 9 percent ahead of a year ago.

But the former only rose by £14m to £1.618bn and a £49m loss compared to £50m a year ago is nothing to write postcards home about.

"We have made a solid start to the year, but it is still early days, and we remain cautious, given the uncertain political and economic outlook around the globe", Chief Executive Peter Fankhauser said.

Pay row More than a fifth of Thomas Cook's shareholders voted against the board's planned pay awards for directors at the firm's Annual General Meeting.

Thomas Cook's annual report said it meant to give him the chance to achieve an award of 200% of his base salary for 2017 to reflect his significant impact on the business.

But there are concerns over a clause that would allow Mr Fankhauser to claim up to 225% of his £703,800 annual salary - a potential £1.6 million - according to investor group Institutional Shareholder Services.

The travel operator's results revealed how it continues to grapple with the impact of political instability and terror attacks that have weakened demand for trips to Turkey and Egypt.

Revenue group rose from £1.62 billion, up from £1.41 billion a year previously, alongside a "seasonal" underlying loss of £49 million.

The company tabled a motion at the AGM reducing it to 165% of base salary reflecting the share-price fall and the feedback from some shareholders.

But pre-tax losses - in a traditionally tough part of the year for the travel industry - widened by 14% to £135m after the group took on more borrowing.

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