Thomas Cook will reassure investors it is back on track next month after issuing a profits warning last week that put its share price in freefall.
Chief executive Manny Fontenla-Novoa said: “I hated issuing that profit warning. We are determined not to do it again.”
He told Travel Weekly: “We will get the UK performing much better.”
Fontenla-Novoa has been under pressure in the City and the business pages of the national press over the group’s collapse in share price. But he said: “We are going to make a £320 million profit, only 12% down on last year. We have a fantastic Scandinavian business, a good German business.
“We have extended our banking agreement, and if you wanted a test of the banks’ confidence in Thomas Cook, you couldn’t get better than that. You will see us reduce debt.”
The City’s eyes are now on August 1 when Thomas Cook will issue its third-quarter results.
Fontenla-Novoa said: “We will give the headlines from the strategic review of our UK business, led by the new management team, in August.” He added: “We’ll present the detailed strategy in the autumn.”
Thomas Cook’s share price was up 1.6% in early trading on the London Stock Exchange this morning and has been largely stable through this week following a 44% loss last week.
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.