Feb 9, 2017
Thomas Cook warns on political turmoil and terror threat
Sun-chasing holidaymakers from the UK boosted bookings at Thomas Cook in the first quarter but the travel group has warned that concerns over political turmoil and terrorist attacks around the world may continue to affect the business. Thomas Cook warned last year that terrorist incidents in Paris, Istanbul and elsewhere in Europe had weakened demand. The tour operator has attempted to adapt to the security concerns of rattled tourists, moving capacity away from Turkey and Egypt to destinations in Spain, the western Mediterranean and long-haul destinations such as the US. Peter Fankhauser, chief executive, said on Thursday that the company expected trading over the full year to be in line with expectations but he warned: "We remain cautious about the rest of the year, given the uncertain political and economic outlook." Thomas Cook said on Thursday that overall revenues were up 1 per cent, to £1.62bn, in the three-month period, compared with last year. Thomas Cook shares fell more than 6 per cent on Thursday morning, to 85.65p. Some analysts had predicted that the UK's vote to leave the EU last year, and the resulting fall in the value of the pound against the euro and dollar, would stifle demand for trips abroad from its cash-conscious British customers.
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