Nov 22, 2017

Thomas Cook hit by Spanish holiday price war

Cut-throat competition in the market for holidays in Spain has depressed full-year profit margins at British tour operator Thomas Cook. As it struggles against a price war for Spanish holidays that contributed to last month's collapse of its smaller rival Monarch, Thomas Cook said its full-year gross margin lifted by 1.3 percentage points to 22.1 per cent. The margin fall was also down to higher sales in Thomas Cook's Russian business, which is generally less profitable than its other units. Thomas Cook also said that bookings and pricing for holidays this summer were running ahead of this time last year. Average selling prices in the UK were six per cent higher than 12 months ago, which the group attributed mainly to "Input price inflation".

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