Shares fall in Thomas Cook as results disappoint

Shares fall in Thomas Cook as results disappoint

Thomas Cook remains cautious for the year ahead despite narrowing losses.

The travel agent saw a one per cent increase in revenue, to £1.6 billion, for the three months to December 31st, with losses narrowing two per cent to £49 million.

Bookings for holidays in Greece were up more than 40 per cent, with Cyprus and Bulgaria also doing well.

However, sales to Turkey are significantly down following a series of terrorist attacks in the country.

Shares in the firm were down by almost six per cent this morning.

ADVERTISEMENT

Thomas Cook chief executive Peter Fankhauser said: “In preparation for the summer season, we have expanded our holiday offering to Greece and a number of smaller destinations across Europe, and I’m pleased that this early action is paying off.

“These positive trends are making up for continued weak demand for Turkey.”

Looking ahead the firm, Thomas Cook said bookings overall across the group were up one per cent for the current winter season.

Bookings for travel in the summer of 2017 were also up nine per cent.

However, UK bookings for the key summer period are currently flat, with average selling prices two per cent higher.