Thomas Cook positive about bookings
Holidays giant Thomas Cook says its UK business is performing strongly despite would-be holidaymakers taking longer to book trips.
The company has 10% fewer holidays left to sell than the same time last year - although the firm noted a “later booking trend“ in the UK.
Thomas Cook’s losses in the three months to the end of 2008 narrowed by more than half to £27.4m, compared to £53.7m the previous year.
The firm added that it was on track to meet expectations for the current year.
The company said trading for the winter 2008/09 season was “robust’’, with declines in bookings roughly in line with capacity cuts, except in northern Europe where the impact of a later Easter hit more strongly.
Bookings for the UK winter 2008/09 season are down 7% year-on-year, against a 6% reduction in capacity, while northern Europe has seen a 6% slide in bookings, but had only planned a 2% cut in capacity.
For the summer 2009 season, Thomas Cook has sold 43% of its available capacity for the UK, in line with the previous year, with average selling prices up 9%.
Demand for its medium-haul offerings is strong, particularly to Turkey where Thomas Cook is the market leader, the company said.
While it was too early to gauge the summer season in other markets, there had been a “strengthening“ of bookings over recent weeks, the company added.
Chief executive Manny Fontenla-Novoa said: “We are pleased with our results in the first quarter, which establish a solid foundation for the rest of the year.”
Shares in Thomas Cook were up more than 2.5% in early trading.
