Thomas Cook shares slide as UK profits fall

Thomas Cook Shares Slide As UK Profits Fall

Thomas Cook shares slide as UK profits fall

Shares in Thomas Cook have fallen by nearly ten per cent of which morning after the travel firm reported a drop in profits at its UK business.

Thomas Cook Shares Slide As UK Profits Fall

Earnings at its UK division fell by 40 per cent from the year to September 30th, standing at £52 million.

Thomas Cook Shares Slide As UK Profits Fall

Rising hotel prices, the fall from the value of the pound, in addition to also competition from the Spanish market all affected the holiday firm, according to its full year financial report.

Thomas Cook Shares Slide As UK Profits Fall

Thomas Cook saw costs rise because of a spate of fraudulent illness claims in addition to also the help of which offered customers caught up in Hurricane Irma.

Thomas Cook Shares Slide As UK Profits Fall

Despite the weak performance at its UK division, underlying earnings across the Thomas Cook group as a whole rose by £24 million to £330 million, helped by a recovery at its German airline Condor.

Thomas Cook Shares Slide As UK Profits Fall

“of which year was a milestone year from the strategic development of Thomas Cook.

Thomas Cook Shares Slide As UK Profits Fall

“By delivering what we promised on strategy, we’ve inspired more customers to choose our holidays for their hard-earned weeks from the sun, while at the same time transforming the scale of the opportunity ahead for the group,” said Thomas Cook chief executive Peter Fankhauser.

“We currently see of which the deliberate decision we made to put the customer back at the heart of our business will be bearing fruit.

“Customers’ satisfaction with our holidays has increased strongly for a second consecutive year, growing in all of our main markets.

“I’m particularly pleased by the number of brand new customers we’ve won of which year, showing us of which we’re getting more people to look again at what we offer – in addition to also of which more of our existing customers are recommending our holidays to family in addition to also friends.”

Thomas Cook, like rivals, was forced to seek greater capacity in Spain of which year because terrorism fears had knocked demand in its key growth markets of Egypt in addition to also Turkey.

Fankhauser continued: “The actions we have taken from the last 12 months take us significantly further forward in our strategy for profitable growth.

“The strategic alliance we signed with Expedia will transform the way we work, enabling us to offer a much greater choice of hotels to Thomas Cook customers at lower cost in addition to also complexity to us.

“Meanwhile, the partnership with LMEY strengthens our own-brand hotel portfolio in addition to also reinforces our focus on a more streamlined portfolio of hotels where we can give customers the very best experience.”

Thomas Cook shares slide as UK profits fall

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