Thomas Cook Group revenue down 4%, profits also down in FY2010

Thomas Cook Group revenue down 4% - financial highlights for the 12 months ended 30-Sep-2010:

• Revenue: GBP8890 million, -4.1% year-on-year;
• Adjusted EBIT*: GBP391 million, -5.7%
• Underlying EBIT: GBP362 million, -12.7%;
• Profit before tax: GBP42 million, -7.5%;
• Operating cash flow: GBP299 million, +68.1%;
• Total assets: GBP6901 million, -2.3%;
• Total liabilities: GBP5158 million, -3.4%;
• Net debt: GBP804 million, -19.0%. [more]

*Before all separately disclosed items & after adjusting for management's estimate of the margin impact of the volcanic ash disruption
**Before all separately disclosed items

The company incurred GBP53 million in exceptional costs as a result of the volcanic ash disruptions in Apr-2010.

Thomas Cook: "As we enter the current year, although the UK environment remains uncertain, we are encouraged by a better market environment in our major Continental Europe and Scandinavian markets. Winter bookings have got off to a good start and, although early in the cycle, summer bookings are developing well. We have taken further actions to simplify and streamline our UK business which will result in significant cost savings on an annualised basis, helping to mitigate input cost pressures and any further deterioration in the trading environment," Company statement. Source: Thomas Cook, 01-Dec-2010.