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Thomas Cook is clawing its way back, and we have to say we’re impressed by what Harriet Green’s been able to accomplish.
The holiday operator said bookings for the summer were up 2pc compared with last year, despite “significant market disruption” due to the continued unrest in Egypt.
The summer is hotting up for Thomas Cook after it reported a rise in bookings despite “significant market disruption” due to the continued unrest in Egypt.
Bookings for the summer were up 2pc compared with last year, with 50pc of holidays already sold.
The 172-year-old tour operator also reported that its winter trading has been “satisfactory”, with 93pc of holidays sold, in line with last year, despite the disruption to the market caused by political unrest in Egypt.
While the average selling price was below last year in certain regions, Harriet Green, chief executive of Thomas Cook, said she expected underlying margin for the full year to be above last year, “consistent with our profitable growth strategy”.
Thomas Cook, which came close to collapse in 2011, has been undergoing a major transformation under Ms Green, who joined in July 2012 in a bid to turn the company around.
The holiday giant has so far raised around £60m through disposals and has reduced its number of brands and businesses from 85 to 30. Ms Green has also been on a drive to reduce costs through initiatives such as merging Thomas Cook’s UK, German and Belgian airlines.
“The Group has shown an improving trend since we reported our first quarter results against a strong prior year comparative at this stage in the booking cycle,” Ms Green said.
“Our focus remains on implementing our strategy for sustainable profitable growth and delivering on our targets.
“Our new product development is progressing well.
“We continue to make significant progress transforming Thomas Cook, further professionalising our business and delivering additional cost out and profit improvement benefits.”