Thomas Cook (LON:TCG) saw revenues grow by 5 percent in the first half of the year, boosted by trips to Egypt and other long-haul destinations.
The group improved underlying EBIT loss by £13 million in the six months to 31 March, after a strong performance from its Thomas Cook airline. Revenue growth was up 5 percent to £3,227 million, with a £16 million improvement on loss before tax
Peter Fankhauser, chief executive of Thomas Cook, said the group airline recorded strong performance in the first half.
“Condor delivered a strong turnaround, and has benefitted from our ability to provide a reliable and high-quality service during a period of disruption and consolidation in the German aviation sector. Our booking position for the summer is strong, and bookings are well in line with our capacity growth of 10 percent to an expanded range of destinations, including 70 new routes across the group,” he stated.
Margins in the UK came under pressure due to adverse currency moves and cost inflation. Going forward the group plans to shift holidays from Spain where the margins are lower to Egypt, Greece and Turkey.
Shares in Thomas Cook are currently down 3.42 percent to 141.10 (0841GMT).
