May 17, 2018

Thomas Cook welcomes ‘positive momentum’ but Spain still drains

Holidays group Thomas Cook has reported rising revenues and a milder winter loss for the six months ending in March, but UK cost pressures are still biting, particularly in relation to Spain. Revenues rose 7 per cent to £3.2bn and fortunes improved in its airlines business. "Thomas Cook has had a good first six months of the year, delivering improved financial results combined with tangible strategic progress," said CEO Peter Fankhauser. "The work we've done in the past two years to improve customers' experience of our flights and our holidays is bearing fruit with revenue growth of 5 per cent, and a positive booking position for the summer." We have taken action to help mitigate this pressure, including taking out holiday capacity from Spain and moving it to the Eastern Mediterranean.

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