Thomas Cook First-Half Pro Forma Loss Narrows

Thomas Cook posted an underlying pre-tax loss of £177.5 million in the six months to April 30, an improvement of 15 percent on the previous year’s winter figures. Revenues lifted 7.5 percent to 2.96 billion pounds and the group declared a 3.25 pence per share interim dividend against nil last year.

The company said it was on track to hit its £480 million operating profit target for the financial year 2009 to 2010. Thomas Cook shared it had 19 percent fewer holidays to sell in the UK than at this time last year.

“We are particularly encouraged by our much lower level of stock left to sell in short haul and long haul. Average selling prices are cumulatively 5 percent ahead and over the last six weeks have been 14 percent ahead of the corresponding prior year period. Margins are also ahead of the prior year,” it shared.

“I’m delighted with our performance over the winter and we are in a very good position for the summer season,” Group Chief Executive Manny Fontenla-Novoa said in the earnings statement. “I remain confident that we will achieve our goals for this year. For the longer term, our strategy is on track, our merger synergies are coming through, and we continue to target 480 million pounds of operating profit in 2009-2010.”