I wouldn't touch Thomas Cook.
In 06,07,08,09,and 10 intangibles have grown from £1214.3m, £2883.5m, £3438.1m, £3769.7m, to £3828.9m and I don't see what that represents. I don’t know how it could have three times the goodwill or expertise in five years.
At the same time liabilities have grown from £3344.2m, £3696.8m, £5013.1m, £5341.9m, to £5157.9m.
After tax profit has fallen from £179.8m, £150.7m, £43.6m, £9.5m, to £2.8m.
The interest costs in 2010 was £127m, 45 times the profit!
