Thomas Cook considers airline sale as losses hit £60m
10 Février, 2019, 19:26 | Auteur: Auguste Feret
"Thomas Cook doesn't need to own an airline outright to be a successful holiday company", Chief Executive Peter Fankhauser said, adding a review was being conducted and the company would retain strong links to the carrier whatever the outcome.
Thomas Cook said it has launched a strategic review of the airline business, suggesting this could lead to possible disposal.
The airline was insulated because the tour operator guarantees to fill many of its seats and makes up the difference if prices have to be slashed to fill them. "We will provide an update on this process in due course". This has involved a continuous review of our cost structure in order to stay competitive in a highly fragmented market. As of December 12, 2018, the company operated an airline fleet of 101 aircrafts to 120 destinations.
Despite the Thomas Cook seeing its revenues increase 1% to £1.66 billion in Q1 2019, the company also saw an increase in its operating losses by £14 million to £60 million, with the prolonged summer heat wave and high prices in the Canaries hurting customer demand for winter sun.
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Earlier this week, Ryanair posted a net loss of €19.6m (£17.2m) for the last three months of the year, its first quarterly loss since March 2014. Credit Suisse Group dropped their price target on Thomas Cook Group from GBX 140 ($1.83) to GBX 108 ($1.41) and set an "outperform" rating for the company in a report on Thursday, November 15th. The Group Airline continued to perform well, delivering a seasonal underlying loss in line with a strong comparative period previous year.
Tour operator bookings were down 12 percent for the summer.
The oldest travel company in the world, Thomas Cook was hurt by a heatwave that gripped northern Europe past year and deterred holiday makers from booking lucrative last minute deals. Similarly, airline bookings are down on capacity reductions but average selling prices are up 6%, with higher yields in both short and medium-haul and long-haul.
The oldest travel company in the world stumbled badly a year ago when a heatwave in northern Europe deterred holiday makers from booking lucrative last minute deals, leading to two major profit warnings and talk of a need to raise funds.
"Where Summer 2018 bookings started very strongly, bookings for summer 2019 reflect some consumer uncertainty, particularly in the United Kingdom, and our decision to reduce capacity which will both mitigate risk in our tour operator business and help our airline to consolidate the strong growth achieved previous year".
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