New boss at Thomas Cook announces major cutbacks Her battle-cry came as the company unveiled a second year of losses, running to £590m, which the new boss branded "unacceptable." It follows news in October the travel company will axe 430 jobs at its UK airline. Full-year results saw the company plunge further into the red with pre-tax losses of £485.3m, down 22pc from a £398.2m loss last year, largely due to a £368.7m write down following poor trading. Revenue declined 3pc to £9.5bn. Wednesday's announcement confirmed analysts" predictions that Thomas Cook's new boss is poised to take an aggressive stance when she sets out details and targets of her business strategy in spring. The tour operator's tumultuous year saw it receive a £200m bail-out from its lenders, and later seek a £1.4bn refinancing package from shareholders. It has already closed 149 travel shops and five head office properties. Investors greeted Ms Green's announcement as shares in the company, in which Ms Green owns a small stake, climbed 5.46pc in early morning trading.