Thomas Cook: trading in line with expectations, shares jump

(CercleFinance.com) - Shares of Thomas Cook were up 13% on Thursday after the British travel firm said its 2018/19 financial year has started "in line with expectations.
"

Group revenue was broadly unchanged in the first quarter (to 31 December 2018), up 1% like-for-like at 1.6 billion pounds.

Thomas Cook said strong customer demand for Turkey and North African destinations offset weaker demand for Spain.

This performance contrasts with the gloomy picture drawn by its German competitor TUI, whose shares have collapsed nearly 17% after it issued another profit warning this morning.

However, Thomas Cook said its seasonal underlying loss from operations increased by 14 million pounds on a like-for-like basis to 60 million pounds in the past quarter.

As a result, the company is launching a strategic review of its airline business, saying that it will consider all options to enhance value to shareholders and intensify its strategic focus.

The market clearly appreciated this: the Thomas Cook share is jumping 13% on Thursday.

Copyright (c) 2019 CercleFinance.com. All rights reserved.