Thomas Cook Group 1HFY2012 loss widens

Thomas Cook Group reported (11-May-2012) the following preliminary financial highlights for the six months ended 31-Mar-2012:

• Operating profit (loss): (GBP262.7 million), compared to a loss of GBP165.8 million in p-c-p;
  • UK: (GBP173.6 million), compared to a loss of GBP158.7 million in p-c-p;
  • Central Europe: (GBP20.8 million), compared to a loss of GBP17.5 million in p-c-p;
  • Western Europe: (GBP65.6 million), compared to a loss of GBP34.1 million in p-c-p;
  • Northern Europe: GBP25.0 million, -26.5% year-on-year;
  • North America: (GBP15.5 million), compared to a profit of GBP9.3 million in p-c-p;
  • Airlines Germany: (GBP3.0 million), compared to a profit of GBP12.3 million in p-c-p;
  • Corporate: (GBP9.2 million), compared to a loss of GBP11.1 million in p-c-p. [more - original PR]

The company also reported an unaudited net debt of GBP1390 million as at 31-Mar-2012, a 27.0% year-on-year increase.

Thomas Cook: "We continue to expect this year to be challenging given the economic backdrop and difficult trading environment. The performance of our North American and French businesses has been particularly poor and is a major contributor to the increased losses in the first half. Whilst our booking position for the second half is more encouraging trading will be dependant on how well the Group performs during the important lates market." Source: Thomas Cook, 11-May-2012.