The travel giant today reported a 4.1% fall in revenue to £8,890m for the 12 months to September, while underlying pre-tax profits fell 6.1% to £277m.
The company also confirmed it had been taking cost-cutting measures since September, which includes the restructure of its UK business to save an estimated £40m to £50m a year.
Up to 500 managerial and support roles have been axed from its staff over the past three months.
The restructure of Thomas Cook’s UK business has seen the company split into three divisions – mainstream, independent, and retail – to make operations more comprehensive and transparent.
The company has not yet commented on whether the move will create or cut marketing roles across the three divisions.
Many Fontenla-Novoa, chief executive of Thomas Cook, said: "We recognised at the outset that 2009/10 would be demanding given the uncertain economic outlook and, accordingly, we took early action to deal with the challenges.
"While we made good progress in many of our operating segments and delivered a strong improvement in operating cash flow, trading in the UK was even tougher than anticipated.
"We have taken further actions to simplify and streamline our UK business resulting in significant cost savings on an annualised basis, which will help mitigate input cost pressures and any further deterioration in the trading environment."
Thomas Cook recently announced a , after signing a deal with the Russian travel company VAO Intourist.
In October, Thomas Cook announced a merger between its high-street stores and
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