Thomas Cook Group losses widens in 1HFY2011, forward booking in line with expectations

Thomas Cook Group revenue up 3.7% - financial highlights for the six months ended 31-Mar-2011:

• Revenue: GBP3431 million, +3.7% year-on-year;
  • Airlines Germany: GBP455 million, +2.4%;
• Underlying operating profit (loss)*: (GBP165.8 million), compared to a loss of GBP130.2 million in p-c-p;
• Profit (loss) before tax: (GBP269.4 million), compared to a loss of GBP252.2 million in p-c-p;
• Net debt: GBP1094 million, -14.9%. [more]

*Earnings before interest and tax, excluding all separately disclosed items. It also excludes our share of the results of associates and joint venture and net investment income

Thomas Cook Group: "Winter bookings across all markets for mass market winter season holidays are now in-line or ahead of what we previously reported. Summer bookings and average selling prices continue to hold up well as consumers in most markets respond positively to the rebalancing of the programme and the wide choice of holiday destinations and formats on offer. Cumulative bookings remain in-line or ahead in all markets, with a significant improvement in the last four weeks in West & East Europe and Northern Europe, up 12% and 19% respectively," Company statement. Source: Thomas Cook, 09-May-2011.