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New team in place to salvage Thomas Cook

New team in place to salvage Thomas Cook

Straight into the action, new chief executive Harriet Green has presented her first set of financial results at Thomas Cook following her appointment on July 30th.

Green said, while the turnaround of the UK business was on track, it would take until at least next spring to reinvigorate the company.

Releasing results for the three months to the end of June, Green said revenue was six per cent down on the same period of 2011, at £2.29 billion.

The impact of planned capacity reductions was offsetting additional revenue from acquisitions, Green explained.

The position of the group has been strengthened recently with the disposal of HCV Hotels and a sale and leaseback deal for some of its aircraft.

Green said: “My initial focus is to review our businesses, quickly establish priorities and develop a clear plan to reinvigorate Thomas Cook, which I expect to be able to present to you next spring. 

“The group has been through a difficult period, but much has been achieved which has strengthened the balance sheet and improved liquidity. 

“The strength of the group’s brands and the quality of its businesses and people provides a foundation from which to bring the business back to full strength.”

Overall UK bookings remain stable, Thomas Cook said earlier.

Mainstream bookings have shown a significant improvement in recent weeks and there is now 33 per cent less left to sell, while pricing over the last four weeks is up eight per cent, demonstrating that yield measures introduced as part of the turnaround plan are starting to take effect.