Thomas Cook: shares down after interim results
(CercleFinance.com) - British tour operator Thomas Cook said on Friday that it made strategic progress over the six months to 31 March, posting higher sales over the period.
Revenue rose by 5% to 3.23 billion pounds, helped by strong demand for Egypt and long-haul destinations, the group said.
The company said its first-half loss from operations (Ebit) widened by 9%, to 214 million pounds, from 205 million pounds in the same period a year ago.
Holiday operators, such as Thomas Cook or TUI traditionally make losses in the winter season, which by definition does not include the profitable summer period.
However, Thomas Cook said that demand for summer 2018 was "strong" in all segments, with bookings up 13%.
"While we acknowledge that management is taking the appropriate steps to address the structural issues faced by the company, there still seems little evidence that this will translate into a material improvement in the financial performance," Berenberg commented.
Thomas Cook shares, which have risen by over 10% so far this year, were down 2.7% at 135.30 pence this morning, valuing the group at around 2.1 billion pounds.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Revenue rose by 5% to 3.23 billion pounds, helped by strong demand for Egypt and long-haul destinations, the group said.
The company said its first-half loss from operations (Ebit) widened by 9%, to 214 million pounds, from 205 million pounds in the same period a year ago.
Holiday operators, such as Thomas Cook or TUI traditionally make losses in the winter season, which by definition does not include the profitable summer period.
However, Thomas Cook said that demand for summer 2018 was "strong" in all segments, with bookings up 13%.
"While we acknowledge that management is taking the appropriate steps to address the structural issues faced by the company, there still seems little evidence that this will translate into a material improvement in the financial performance," Berenberg commented.
Thomas Cook shares, which have risen by over 10% so far this year, were down 2.7% at 135.30 pence this morning, valuing the group at around 2.1 billion pounds.
Copyright (c) 2018 CercleFinance.com. All rights reserved.