Thomas Cook defies slump as profits soar
ONE of Peterborough's biggest employers has bucked the financial downturn by announcing another year of record profits.
ONE of Peterborough's biggest employers has bucked the financial downturn by announcing another year of record profits.Travel giant Thomas Cook, which has its headquarters in Bretton, has reported an operating profit for the year until September 30 of 365.9 million – almost 50 per cent up on the previous 12 months.
The "robust" performance comes at the end of a landmark year for the famous package holiday company, which celebrated the 200th anniversary of the birth of its founder last weekend.
It also provides a major boost for the firm's 2,000-strong city workforce at a time when many businesses in Peterborough are struggling under the pressure of the credit crunch.
What do you think about Thomas Cook's success?
Comment below, email us: news@ peterboroughtoday.co.uk or telephone the newsdesk 01733 588719.
-------------------------------------
Chief executive Manny Fontenla-Novoa said the record-breaking profits were the result of strong management and the success of its merger with rival travel agent MyTravel in June last year.
He said: "The 2008 financial year was the new group's first full year of trading and a period in which we achieved a strong financial performance and made significant progress against our strategic agenda.
"We have achieved industry-leading margins, demonstrating the strength of our management team and the flexibility of our business model.
"Overall our results last year show that, through our merger, we have created a strong company with a team that has the knowledge and capability to read the market and respond to it accordingly."
Thomas Cook's results were announced to the City this morning, and the 365.9 million operating profit compares to figures of 244.2 million a year ago.
The company's operating profit margin also rose to 4.2 per cent from 3.1 per cent last year, despite a "significant" increase in fuel costs, and the announcement comes a year after it financial growth saw it catapulted into the FTSE 100 elite list of British businesses.
Mr Fontenla-Novoa said that despite the financial downturn, holidaymakers were determined not to give up their annual getaways, and the company was feeling the benefit of that.
The company predicts it will hit profits of 480 million in two years' time, a 35 million increase on December 2007's estimate.
He said: "Whilst it is still early in the booking cycle for most of our markets, current trading is in line with our expectations.
"Recent research and the high load factors we are currently experiencing give us confidence that consumers remain intent on taking their holidays.
"We believe our strong financial position will enable us to sustain a market-leading performance throughout what will be a challenging 2009."
Email to a friend
Print this page - Popular
- Most comments
- Most shared
Looking for...
Featured advertisers
Local pages
Looking for a...
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Peterborough
Thursday 18 March 2010
Today
Sunny spells
Temperature: 2 C - 8 C
Wind Speed: 14 Knots
Wind direction: North west
Tomorrow
Sunny spells
Temperature: 2 C - 10 C
Wind Speed: 18 Knots
Wind direction: North west
Your view
Please sign in to be able to comment on this story.