Thomas Cook says turnaround plan on track

Thomas Cook says turnaround plan on track

Thomas Cook today reported strong late summer trading and full year results to be in line with market expectations.

Europe’s second largest travel group, which was forced to seek  a £1.4 billion lifeline from its lenders in May, said Turkey, Spain and Greece proved to be the most popular destinations for last minute bookings.

The UK turnaround plan is “delivering against its objectives” and the group’s quarterly financial trend is showing signs of improvement. Cook said in a trading update this morning.

“We continue to expect that the full year results will be in line with market expectations,” the group said.

New chief executive Harriet Green said: “I have spent my first two months reviewing the business, learning about our customers and meeting our people across the world.

“Working together with the management team, my priority has been to ensure a renewed focus on delivering to our plans for the current financial year, reviewing our approach for the forthcoming year and developing our objectives to grow and strengthen the business for the future.”

Cook limited its update to summer 2012 trading, showing a 9% decline in UK mainstream bookings but a 10% rise in specialist and independent bookings. Overall capacity was cut from the UK by 11%.

Our summer programme is now almost complete, with cumulative bookings tracking ahead of planned capacity in most markets,” Cook said.

“Following strong demand in the lates market, price trends are ahead of those reported in August in most markets and our departed load factor remains high.”

Cook will report full year results on November 28.


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