Thomas Cook, the struggling package tour operator, has sold its 77% stake in Thomas Cook India to a subsidiary of the financial services firm Fairfax Financial Holdings. The sales will net Thomas Cook around £94m and is equivalent to 50 rupees per share, which the firm said was a premium of 11% to the market price immediately prior to the announcement of the auction process. The disposal is part of the group's ongoing plans to reduce debt and strengthen its ailing financial position.
Profits at network monitoring and analysis firm Endace fell in the year to the end of March after UK Government budget cuts hit the firm. Profits for the year came in at 2.19m down from $2.43m the year before on revenues that were up to $41.15m from $38,37m in 2011. The firm said economic uncertainty resulted in slower purchase decisions by some clients towards the end of the traditionally-stronger second half. The Chief Executive added he was "cognisant" of macro-economic uncertainty.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
8 of the best houses for sale with tennis courtsThe best houses for sale with tennis courts – from a period property in Dumfries and Galloway with two islands on the River Dee, to a house in Cumbria with a 1977 En Tout Cas tennis court
-
Review: Eden Roc Cap Cana – fun, sun and golf in the CaribbeanTravel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
