20th May 2015 06:59
LONDON (Alliance News) - Thomas Cook Group Wednesday reported a narrowed pretax loss in the first half of its financial year, even though revenue fell, although it said current trading is performing above the levels of this time last year.
The travel operator reported a pretax loss of GBP303 million in the six months to March 31, narrower than the GBP366 million reported in the same period the prior year. Revenue fell to GBP2.7 billion from GBP3 billion, although it did increase on a like-for-like basis by 1.2% as a result of growing new product and long haul sales.
It said its loss narrowed due to a decrease or complete removal of costs associated with things such as restructuring, goodwill impairments, disposal of assets and finance-related charges.
Thomas Cook added that summer trading is "encouraging" with more than half of its summer programme already sold at 62%, which is 2% higher than this time last year.
"Our performance in the first half provides a solid foundation for the full year and beyond. I am confident that we can continue to make Thomas Cook a stronger and more profitable holiday company, as we continue to implement our clear strategy for profitable growth, and move towards the resumption of dividend payments in respect of FY16 earnings," Chief Executive Peter Fankhauser said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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