Thomas Cook downgrades FY2011 profit outlook on Middle East unrest

Thomas Cook downgraded (12-Jul-2011) its underlying operating profit outlook to GBP20 million for the three months ended 30-Jun-2011 and to GBP320 million for the financial year ending in 30-Sep-2011, compared with a profit of GBP362.2 million in the previous corresponding period. The company attributed the downgrade to the higher-than-expected impact of the ongoing political unrest in the Middle East and North Africa. [more]

Thomas Cook: "Our summer programmes are well sold with average selling prices ahead and fewer holidays left to sell in most markets. In the UK, we continue to keep prices competitive and generate improved load factors although margin is being adversely affected," Company statement. Source: Thomas Cook, 12-Jul-2011.