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Trading statements

Thomas Cook maintains FY underlying EBIT guidance

28 March 2017 07:49

Thomas Cook Group has maintained its FY underlying EBIT guidance and said trading for the group was progressing in line with its expectations.

In a pre-close trading update, the company said that while it was seeing some margin pressure in parts of the business due to more competition, overall demand for summer holidays was strong.

Based on our current trading performance, and supported by further financial benefits from implementing our strategy, it continued to expect its FY underlying operating result to be in line with current market expectations.

CEO Peter Fankhauser said Thomas Cook's Winter 2016/17 programme was now 90% sold, while its summer 2017 season was now 42% sold.

"Customers' appetite to go abroad on holiday this summer is good across all our markets despite continued political and economic uncertainty," he said.

"Our decision to expand our holiday offering to Greece has helped support customer demand, with bookings to Greece up by around 40% versus last year, while smaller destinations like Cyprus, Bulgaria and Croatia are also proving popular."

Fankhauser added that after a slow start to the season and a tough year in 2016, Thomas Cook was seeing early signs that customers were beginning to go back to Turkey and Egypt.

"Following strong growth last year, bookings to the Spanish Islands have levelled off in a very competitive market. Competition is particularly intense in the airline sector, putting downward pressure on pricing."

Story provided by StockMarketWire.com

Related Company: TCG

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