Thomas Cook says UK bookings recovering
Struggling package tour operator Thomas Cook made an underlying profit before tax of £175m in the year to the end of September, down from £248m the year before. The market had been expecting profits of £168.5m.
Struggling package tour operator Thomas Cook made an underlying profit before tax of £175m in the year to the end of September, down from £248m the year before. The market had been expecting profits of £168.5m.
Revenue rose to £9.8bn, versus market forecasts of £9.2bn, from£8.9bn last year. Exceptional charges of £573m resulted in a statutory loss before tax of £398m, versus last year's profit of £42m. Crucially, the company said that, despite its well-publicised problems with its refinancing, customers are continuing to book holidays with the company.
"Bookings outside the UK were broadly unaffected by news of our refinancing and in the UK bookings have recovered well," said Sam Weihagen, group chief executive of Thomas Cook.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
More to follow ...
--
jh
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Skipton launches a retirement bond with monthly income – is it any good?
The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
By Katie Williams Published
-
Pensions: 140,000 pensioners to be hit by surprise tax demand
Tens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
By Chris Newlands Published