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Interim Results

Thomas Cook narrows H1 loss, lifts revenue

18 May 2017 07:20

Thomas Cook Group has narrowed its H1 loss and lifted revenue for the six-months period, and said it saw FY EBIT in line with current market expectations.

CEO Peter Fankhauser described the performance as good.

"The progress we've made on our strategy helped achieve a 3% increase in revenues, with strong customer demand for our holidays despite the competitive environment," he said.

Revenue was £2.99bn, from £2.67bn. H1 loss was £272m, from a loss of £283m.

"Importantly, the actions we've taken to improve our holiday offering, managing our portfolio of hotels more tightly for quality, are delivering good results," said Fankhauser.

"We've also made great progress in developing our own-brand hotels and resorts, which give our customers a unique Thomas Cook experience. We're planning 11 new hotel launches this summer including our new family-friendly Casa Cook in Kos, complete with its own beach club, and our first hotel in Sicily, the Sentido Acacia Marina.

"We also have a further 11 openings in the pipeline for the next 18 months, including at least two new Casa Cook hotels."

Thomas Cook was seeing strong customer demand across most of its markets.

Greece continued to be the standout destination for Summer 2017, while customers were also seeking out smaller European destinations like Cyprus and Bulgaria, as well as travelling further afield.

"In contrast, following strong growth last year, bookings to the Spanish Islands have levelled off in a very competitive market," the CEO added.

"I'm also pleased with the progress we've made in our Group airlines business.

"Bookings are up significantly for the Summer, boosted by the addition of 15 new destinations to our flight programme, further expanding the choice and value we offer our customers.

"In our German airline, Condor, the actions we've taken after the market disruption of last year have started to come through, and we are confident that Condor will return to profit for the full year.

"Despite continued overcapacity in the airline market and strong competition particularly in our UK business, based on current trading we expect underlying EBIT for the full year to be in line with current market expectations."

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