Thomas Cook has said that it is eyeing acquisitions in Europe as rising fuel prices force would present some big opportunities in the coming months.
Chief executive Manny Fontela-Novoa said: "I know people who were struggling with soaring oil prices at $80 a barrel last year, and now it's over $100."
Thomas Cook has confirmed that contracts with their suppliers were currently being re-negotiated in order to restrict the added costs being passed onto customers. Even so, it is expected that the brochure price for a Thomas Cook holiday could be expected to rise by approximately 7% in 2009.
Earlier this week, Thomas cook announced that pre-tax losses had more than doubled to £260.3 million in the first half of the year leading up to April 30th. However, Thomas Cook has stated that it is still in line to meet its 2008 targets and that sales rose by 7.5% to £2.96 billion. Margins also increased as customers spent more on their holidays.
