Jul 27, 2017

Thomas Cook losses fall as terror fears fade

European holidaymakers' renewed desire for sun-soaked holidays in Greece and Turkey have boosted Thomas Cook, the UK package tour operator, after last year's trading was hit by fears over terrorist attacks. Reporting results for its third-quarter of trading, the FTSE 250 company said that bookings for trips to Greece were up 22 per cent, Bulgaria up 19 per cent and Cyprus up 14 per cent. Reporting results for the three months to June 30, Thomas Cook said revenues increased 14 per cent year-on year to £2.3bn. The company sustained a pre-tax loss of £31m in the quarter, but this was down more from the £64m loss it incurred over the same period last year. Gross profit increased 11 per cent over the period to £468m. However, the company said that gross margins had fallen by 60 basis points to 20.6 per cent, hit by the battle among tourism groups to provide deals for customers who want to journey to Spain. As a result, we continue to expect our full year underlying operating result to be in line with current market expectations.

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