Losses narrow at travel giant Thomas Cook on Greek surge
LOSSES AT travel giant Thomas Cook narrowed in the third quarter as bookings to Greece, Bulgaria and Cyprus drove sales.
The group said it saw a “significant growth” in holidaymakers visiting the three nations, with Greece the standout performer with a 22 per cent increase.
This helped boost revenues by over 20 per cent to £2.3bn in the three months to June 30, meaning that pre-tax losses narrowed from £64m to £31m.
Thomas Cook also confirmed that bookings to Turkey were recovering after terrorist attacks and political instability in the nation hit bookings.
Demand for trips to Egypt and Turkey plunged after the bombing of a plane from the Egyptian resort of Sharm el-Sheikh and a violent attempted coup by the Turkish army, which has been followed by a string of terrorist attacks in the country.
Boss Peter Fankhauser said: “Our increased focus on the customer is reflected in a good performance for the third quarter.
“So far, we are taking one-anda-half million more customers on holiday this summer than we did three years ago, showing the growth in demand for our modern package and flight offer.
“The pick-up in demand for Turkey we reported earlier in the year has continued, as customers are attracted to the quality and value on offer.
“As we go into the peak summer season, our holiday offering is in great shape. We have opened 11 new own-brand hotels for this summer, including a second Casa Cook, in Kos, offering affordable chic on the beach.”
However, he added that the firm is experiencing pressure on margins in Spain in a “competitive environment”, though this is being mitigated by its focus on own-brand and core hotel offering.
Thomas Cook also announced that Jürgen Schreiber and Paul Edgecliffe-Johnson had been appointed non-executive directors.
Frank Meysman, chairman of Thomas Cook, said: “I am delighted to welcome Paul and Jürgen to the board. Both have strong, relevant international experience across customer-facing businesses.
“I’m particularly pleased that we’ve been able to make these two appointments, which will help drive further strategic progress across the business.”
Mr Schreiber said: “I look forward to help further embed the customer agenda and contribute to the growth of the business.”
Our increased focus on the customer is reflected in a good performance. Peter Fankhauser, chief executive of Thomas Cook.