Thomson counts cost of Egypt riots

Thomson Holidays owner TUI Travel has warned the political unrest in Egypt and Tunisia could hit earnings by up to £30 million.

The company said it had cancelled holidays to the riot-hit countries, as well as incurred the costs of returning travellers, which could hit its second-quarter results by £25 million to £30 million.

TUI chief executive Peter Long said: “We are closely monitoring events in Egypt and Tunisia and the safety of our customers is our primary consideration.”

Violent demonstrations against the government in Egypt have grabbed attention across the world for the last week after similar action in fellow North African country Tunisia.

Hundreds of Britons fled both destinations as the disruption unfolded.