Thomas Cook Group plc, the London based tour operator that is a major retailer of cruises, says that as a result of deterioration of trading in some areas of the business in the current quarter, and of its cash and liquidity position since its year end, opened discussions with its principal lending banks with regard to its facilities during the seasonal low period of cash in the business.

"While the Company currently remains in compliance with its financing covenants, it also intends to seek agreement from its lending banks to adjustments that will improve its resilience if trading conditions remain difficult. As a result, the Company will delay its announcement of its full year results until these discussions are concluded. The Company expects to report a headline operating profit for the year ended 30 September 2011 broadly in line with previous guidance," Thomas Cook said in a statement.

Thomas Cook Group in its present form came into being in 2008, when the German retailer Arcandor that owned Thomas Cook merged the company with My Travel, a UK based tour operator previously known as Airtours. Arcandor controlled 52.8% of the shares in Thomas Cook Group until the following year. Since 2009, all shares in the company have floated free on the stock market.