Thomas Cook sees 32% profit bump
Thomas Cook Group has reported a 32 per cent profits increase and said it is confident the travel market will remain resilient despite the economic downturn.
The travel firm said adjusted pre-tax profit was £309.3 million in the 12 months to 30 September, up from £234.4 million last year on the back of an 11.8 per cent in revenue to £8,809 million.
Manny Fontenla-Novoa, chief executive of Thomas Cook Group, said last year’s tie-up between Germany's Arcandor travel unit and MyTravel had created a “strong company”.
He added that research and high load factors gave it “confidence that consumers remain intent on taking their holidays.”
“We believe our strong financial position, together with the increased synergy savings and contingency measures we have put in place, will enable us to sustain a market-leading performance throughout a challenging 2009,” he said.
Thomas Cook’s “strong” performance follows that of rival TUI Travel which last week posted a 43 per cent increase in pre-tax profit.
Yesterday it was announced that Thomas Cook had signed a deal with Chelsea, extending its official travel partner status by four years.
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