Thomas Cook Sticks With Growth Forecast

The holiday group also came under fire for its response to the inquest into the deaths of two young children Bobby and Christi Shepherd, who died from carbon monoxide poisoning while on a Thomas Cook holiday in Corfu nine years ago.


The aim is to eliminate duplicated activities “by creating a set of efficient, common technology platforms and process methodologies”.

Thomas Cook could find it hard to fight back in this environment as its balance sheet is still unwieldy”, it said.

The summer season was around 91% sold, the same level as 2014, though Tunisia remains “effectively closed” for the time being.

Bookings are ahead of past year in all of Thomas Cook’s main markets, it said.

This reflected strong demand for differentiated holidays and flights particularly to long-haul destinations, as well as growth in the Signature premium holiday offer following its relaunch last winter.

However, bookings were flat as capacity was slightly down and average selling prices were one per cent lower, due to an increase in the proportion of “seat only” sales rather than packages.

The urge to get away has spilled over into strong forward bookings with 39% of winter holidays already sold.

“We are also making progress with jointly establishing our hotel investment vehicle”.

Northern Europe also enjoyed a boost after a slow start to the year, with demand accelerating substantially and summer 2015 holidays 99% sold.

“A major capital reorganisation has taken place and net debts are expected to fall to about £300m at the end of September, down from £326m previous year”.

Peter Frankhauser, chief executive, said: “Our trading performance for the summer season has progressed well, despite the impact of external shocks in certain destination markets, as previously announced”.


He said progress has been made over the last three years to transform the business, and the focus is moving to the next phase.

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