Jul 27, 2017

Thomas Cook soaks up holidaymakers’ search for sun

European holidaymakers' renewed desire for sun-soaked holidays in Greece and Turkey boosted Thomas Cook, the UK package tour operator, after last year's trading was hit by fears over terrorist attacks. Reporting third-quarter results, the FTSE 250 group said that bookings to Greece were up 22 per cent, Bulgaria 19 per cent and Cyprus 14 per cent. Overall, bookings across the business increased 11 per cent compared with the same period last year. Reporting results for the three months to June 30 2017, 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 from a £64m loss over the same period last year. Thomas Cook moved to reduce flights and change routes, which it said meant the airline was on course to return to profitability this year.

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