Thomas Cook Group revenue up 2.8% in 1QFY2012

Thomas Cook Group reports (08-Feb-2012) the following financial highlights for the three months ended Dec-2011:

• Revenue: GBP1861.1 million, +2.8% year-on-year;
• Operating costs: GBP482.1 million, +10%;
• Underlying profit/loss from operations: (GBP91.1 million), compared to a loss of GBP37.3 million in p-c-p;
• Loss before tax: (GBP151.7 million), compared to a loss of GBP99.3 million from p-c-p. [more - original PR]

The company stated the following regarding its airline business:

• UK airline: Consultation with the airline staff has successfully concluded and for Summer 12 the UK fleet will reduce by six aircraft. This will result in an improved programme as well as reducing fixed lease, maintenance and associated staff costs;
• German airline: Capacity growth reflects greater short-haul aircraft productivity and growth in long-haul business. Bookings are up 20%, ahead of planned capacity increases. Yields are down in the short and medium-haul business as a result of competitive pressure. While they are seeing yield increases on intercontinental routes, they are not however sufficient to fully recover fuel cost increases.

Thomas Cook Group: "As we stated in the preliminary announcement, we expect 2011/12 to be a challenging year given the economic backdrop and difficult trading environment, particularly for Winter. The trends which we have seen in the first quarter are expected to continue for the rest of the first half, but summer trading is more encouraging." Source: Company statement, 08-Feb-2012.