Thomas Cook Posts Losses Despite Increased Interest in Greece

Thomas Cook may be seeing a strong demand for holidays in Greece, but the travel operator reported today losses amounting to £49.1 million for the three months to December 31, saying it was “cautious” about prospects for the year ahead amid tumbling shares (10 percent) in Thursday morning trade.

The firm added however that revenue in the quarter had grown 1 percent to £1.6 billion.

Vacationers with the travel company will have to pay an extra 9 percent this summer after a decision by the company to sell more upmarket getaways citing mounting competition for the change of action.

“We remain cautious about the rest of the year, given the uncertain political and economic outlook,’’ said chief executive Peter Fankhauser.

Bookings for holidays in Greece, meanwhile, were up by more than 40 percent, offsetting a decline of interest in neighboring Turkey, which was a blow to the firm’s profits in its last financial year.

“In preparation for the summer season, we have expanded our holiday offering to Greece and a number of smaller destinations across Europe, and I’m pleased that this early action is paying off. Bookings to Greece are currently up by over 40 percent,’’ said Fankhauser.

The company expects more than 2.5 million of its customers to holiday in Greece this year, up by 500,000 compared to last year.

Fankhauser added that the firm had made a “solid start” with bookings across the group up by 1 percent for the current winter season and by 9 percent for the summer ahead.