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Thomas Cook boss says recovery ‘just begun’

TRAVEL operator Thomas Cook has raised its cost-cutting target after unveiling a 49 per cent surge in annual operating profits.
By GARETH MACKIE
Published 29th Nov 2013, 00:00 BST
In March, Thomas Cook said it would axe about 2,500 jobs and close 195 high street stores. Picture: AFP/GettyIn March, Thomas Cook said it would axe about 2,500 jobs and close 195 high street stores. Picture: AFP/Getty
In March, Thomas Cook said it would axe about 2,500 jobs and close 195 high street stores. Picture: AFP/Getty

Chief executive Harriet Green said the firm’s turnaround has been “a great success” but she insisted its path to sustainable growth “has only just begun”.

She added: “Totally committed to our continuing transformation, I look forward to Thomas Cook delivering even more value in the years to come.”

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In March, Thomas Cook said it would axe about 2,500 jobs and close 195 high street stores as part of its turnaround strategy, and yesterday raised its cost-cutting target to £440m, having identified a further £40m in savings.

The group, which came close to collapse in 2011, reported a pre-tax profit before one-off items of £263 million for the year to 30 September, up from £177m a year earlier and ahead of City forecasts.

Mike van Dulken, head of research at Accendo Markets, said the figures were “music to investors’ ears”.

Related topics:Travel