Thomas Cook revenues fall as low winter demand takes its toll
Travel group Thomas Cook has reported a fall in revenue of 0.9 per cent or £15m to £1.6bn for the three months ended 31 December. The first quarter is typically the weakest for the travel company, which attributed the decline in revenue to lower demand for winter holidays to Egypt.
The company reported a smaller loss than last year's underlying £70m earnings before interest and taxes (EBIT) reported in the first quarter of 2013, with EBIT losses amounting to 15 per cent or £56m.
On a last 12 months basis, Thomas Cook saw revenue climb by 2.4 per cent to £9.3bn.
Bookings for Summer of 2014 are in line with the group's expectations and are at similar levels to those seen in 2013.
Harriet Green, group chief executive, said:
Our Q1 results, new product revenue growth, web integration, cost out and profit improvement programmes combined with an intense business focus and financial discipline, all underpinned by the Thomas Cook Business System, give us confidence of achieving our targets and delivering even more value in the years to come.
Analysts as Numis had anticipated the company reporting a slightly smaller loss than the first quarter of last year.