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Summer demand 'looking good', reports Thomas Cook

Summer demand looking good, reports Thomas Cook Tour operator Thomas Cook has delivered some good news with a reportedly "robust" consumer demand for summer holidays.

Thomas Cook AG merged with key rival MyTravel in 2007 to create a homogenous Thomas Cook Group plc.

In a half-year results statement, the merged operator reported turnover at €193.6 million (£154 million) in the six months up to March 31st 2008.

Despite a weakened sterling and higher fuel costs, the company said that it expected to surpass €200 million (£159 million) for the remainder of 2008/9.

"The board remains confident that the business will meet its expectations for the current financial year," said a statement from the firm.

"We are particularly pleased with the improvement in the UK, which is attributable partly to cost reductions as a result of the merger and partly to improvements in the operation of the business," Thomas Cook continued.

Manny Fontenla-Novoa, group chief executive, said he was "delighted with our performance over the winter and we are in a very good position for the summer".

"The rising cost of fuel and translational impact of the fall in sterling against the euro have made achievement of our Euro-denominated results more difficult, but 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 €620 million (£494 million) of operating profit in 2009/10," he added.

Thomas Cook Group recently increased its operations in India and Egypt through a series of acquisitions.


Airline News posted on 19 May 2008

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