Thomas Cook drops out of Footsie 100
A GLOWING performance by a leading Peterborough employer has been dulled after it was dumped out of the league of the UK’s top performing businesses.
Award-winning travel giant Thomas Cook, which employs around 2,000 people at its head office in Coningsby Road, Bretton, Peterborough, has been pushed out of the elite firms in the London FTSE 100 Index.
The latest reshuffle of the Footsie was announced on Wednesday and will see the flagship company officially relegated from the FTSE 100 into the FTSE 250 on June 18.
It comes after Thomas Cook’s share price took a battering and has fallen from 272p to about 192p over the past couple of months.
The firm has come under pressure because of the dual impact of the economic recession and the disruption caused by the volcanic ash cloud crisis.
It is estimated that the ash cloud crisis alone has cost Thomas Cook £70 million.
Company bosses have shrugged off the news, saying that the business is continuing to perform “well” following its financial restructuring.
Chief executive Manny FontenlaNovoa said: “Our flexible business model and the importance of the holiday to the consumer stands us in good stead.
“We are pleased with the development of our summer bookings programme, particularly given the disruption caused by the volcanic ash cloud.”
The downturn may have taken some of the gloss off the company which was a multiple winner at last year’s British Travel Awards and merged with MyTravel in 2007 to become one of the world’s leading leisure travel groups.
John Bridge, chief executive of Peterborough Chamber of Commerce, said: “Thomas Cook is still a substantial local business and will continue to be a major employer. It is an integral part of Peterborough.”
drop: Manny Fontenla-Novoa.