Thomas Cook Reports Profits Increase

The Thomas Cook Group, formed from both Thomas Cook and MyTravel have announced pre-tax profits of €284 million, a 30% increase for the year ending 2007. The merger of Thomas Cook Holidays and MyTravel Holidays also led to the closure of 144 high street travel agencies, leaving 812 shops remaining - most of which are under the Thomas Cook brand. This of course comes just after the announcement that TUI Travel is to shut another 100 branches across the UK.

Thomas Cook aims to increase its travel revenue from €2.2 billion 2005-06 to €3.3 billion in 2009-10, trading for winter and summer 2008 continued to be strong with demand ahead of capacity. The group also stated that post-Christmas demand for summer holidays in 2008 had been “robust” with strong performance particularly coming from Turkey and Egypt. 

Thomas Cook chief executive Manny Fontenla-Novoa said:"The integration of Thomas Cook AG and MyTravel Group to form Thomas Cook Group has been very successful and is now largely complete. I am delighted with our first set of results, which show a healthy increase in profit from operations. 

"Our company has a great brand and heritage and we have laid a firm foundation for the future by integrating the two businesses quickly and effectively. We now have a clear strategy for growing the business and I look forward to the future with confidence." 

Year on year, overall bookings are down 2% for the same period in 2007 whilst total capacity is currently 9% lower than last summer.