Thomas Cook reports pound 520 million net loss

Europe's second-biggest travel firm, which has just secured a vital credit from banks after its shares plunged, also announced plans to close 200 travel agencies in Britain in the coming two years.

Thomas Cook reported record net losses of pound 520.7 million in 2011, up from pound 2.6 million the previous year, and said business had been hit by unrest in the Arab world.

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Europe's second-biggest travel firm, which has just secured a vital credit from banks after its shares plunged, also announced plans to close 200 travel agencies in Britain in the coming two years.

Thomas Cook's share plunged 75% in just one day in November after the firm said it was renegotiating terms with banks after a sharp drop in business, which forced it to delay announcing annual results.

But the business' shares picked up days later after it revealed it had secured the credit line.