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Positive signs ahead from Thomas Cook

Positive signs ahead from Thomas Cook Despite high fuel bills and difficult economic conditions, a strong summer of trading has been predicted by holiday operator, Thomas Cook.

Thomas Cook has indicated that due to advanced bookings it has 19 per cent fewer holidays left available for the UK market than the same time last year.

While unveiling its results up to the close of the previous financial year in April, Thomas Cook predicted strong performance for the coming months.

The operator has consolidated its pro forma operational losses by 15 per cent to £177.5 million, but did not include the £69.9 million loss incurred for the purchase on MyTravel.

In cautious mode, Thomas Cook has also hedged crude oil purchase prices by 100 per cent and jet fuel by 93 per cent for the remainder of the current financial year.

A statement by the company indicated that the UK market was performing strongly so far and that it expected last minute holidaymakers would further improve results.

"We are particularly encouraged by our much lower level of stock left to sell in short-haul and long-haul," said the statement.

"Average selling prices are cumulatively five per cent ahead and over the last six weeks have been 14 per cent ahead of the corresponding prior year period."

Manny Fontenla-Novoa, Thomas Cook chief executive, was confident that the summer would deliver strong results.

"I'm delighted with our performance over the winter and we are in a very good position for the summer season. I remain confident that we will achieve our goals for this year."

"For the longer term, our strategy is on track, our merger synergies are coming through, and we continue to target £480 million of operating profit in 2009 and 2010," he added.

Alongside this announcement, Thomas Cook also revealed that Juergen Bueser would replace Ludger Heuberg as group CFO after Mr Heuberg chose to step down for family reasons.


Travel Industry News posted on 24 June 2008

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