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Interim Results

Thomas Cook Group's Q3 pretax loss widens

28 July 2016 07:40

Thomas Cook Group's Q3 pretax loss has widened to £64m, from £44m, on revenue of £1.85bn, from £1.95bn.

"Trading patterns have remained broadly unchanged since the last update. Demand for Turkey has continued to suffer from geopolitical disruption and, as a result, we have further reduced capacity to Turkey and redeployed this mainly into the Western Mediterranean," the company said.

"In addition, Airlines Germany is being impacted by further pricing pressure caused by intense competition and weak demand, leading to lower yields in the short and medium haul market.

"As a result, based on recent trading, and recognising a degree of uncertainty given the current disruptive market conditions, we now expect full year underlying operating profit to be around £300 million.

"This includes the benefit of foreign exchange translation, which we now estimate to be £32 million (up from £20 million when we last reported in May).

"Despite the near-term challenges, we remain confident that the actions we are taking to better position the business for the longer term - including improving the quality of our holiday offering, investing in our online proposition, and targeting efficiencies - will lead to further profitable growth."

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