Thomas Cook Cook announces growth strategy and updated profit improvement plans

Thomas Cook Group announced (13-Mar-2013) its new growth strategy which focuses on simplification, web innovation, flexible new products and services, enabled by rigorous execution and an integrated IT platform. The Group said it will build on its brand and heritage "to deliver personalised holiday experiences through a high-tech, high-touch approach". The Group plans a further GBP50 million of cost-cut actions which sees the Group's total profit improvement actions so far reach GBP350 million. The restructuring of its UK business is underway with a target to deliver an EBIT margin of over 5% by FY2015. The Group is also executing its plan for one Group-wide airline segment in order to improve costs, quality, reliability and customer experience. The Group is also transforming its approach to hotel purchasing to utilise the Group's scale, which is already delivering tangible benefits. The Group's non-core disposal programme is underway and is expected to realise gross proceeds of between GBP100 million and GBP150 million. [more - original PR]