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| Thomas Cook recovering after terror attacks led to bookings slump | |
| (about 2 hours later) | |
| Thomas Cook sees “clear signs of recovery” after the terrorist attacks in Paris and Istanbul led to a sharp drop in demand for holidays. | Thomas Cook sees “clear signs of recovery” after the terrorist attacks in Paris and Istanbul led to a sharp drop in demand for holidays. |
| The travel company reported on Thursday that despite the recent terrorist attacks, revenues rose 1% to £1.4bn in the three months to 31 December. Losses before tax widened slightly to £116m from £115m. | The travel company reported on Thursday that despite the recent terrorist attacks, revenues rose 1% to £1.4bn in the three months to 31 December. Losses before tax widened slightly to £116m from £115m. |
| Thomas Cook said it had acted quickly to offer holidaymakers alternatives to Tunisia and Egypt, which have also suffered attacks. The travel operator recently cancelled all British bookings to Tunisia until November after a wave of violent protests across the country. | Thomas Cook said it had acted quickly to offer holidaymakers alternatives to Tunisia and Egypt, which have also suffered attacks. The travel operator recently cancelled all British bookings to Tunisia until November after a wave of violent protests across the country. |
| Its chief executive, Peter Fankhauser, said: “It is clear that the awful attacks in Paris and Istanbul impacted confidence, leading some customers to delay booking their holidays. However, we’ve seen clear signs of recovery in recent weeks: customers still have money in their pockets, and want to go on holiday. | Its chief executive, Peter Fankhauser, said: “It is clear that the awful attacks in Paris and Istanbul impacted confidence, leading some customers to delay booking their holidays. However, we’ve seen clear signs of recovery in recent weeks: customers still have money in their pockets, and want to go on holiday. |
| “In this uncertain geopolitical environment, we are also seeing more of our customers choose a package holiday, valuing the greater security it provides.” He said the company was focusing on Spain, Greece, Bulgaria, Cyprus, the US and Cuba. | “In this uncertain geopolitical environment, we are also seeing more of our customers choose a package holiday, valuing the greater security it provides.” He said the company was focusing on Spain, Greece, Bulgaria, Cyprus, the US and Cuba. |
| Robust demand in the UK and northern Europe offset tough conditions in continental Europe. Sales at own-brand hotels were up 24%. | Robust demand in the UK and northern Europe offset tough conditions in continental Europe. Sales at own-brand hotels were up 24%. |
| This winter was going according to plan, the company said, with 82% of holidays sold, slightly behind the levels at this time last year, but margins are higher as Thomas Cook increased its prices. Summer holidays were 29% sold, 2% less than last year, with “firm pricing” in most markets, it added. | This winter was going according to plan, the company said, with 82% of holidays sold, slightly behind the levels at this time last year, but margins are higher as Thomas Cook increased its prices. Summer holidays were 29% sold, 2% less than last year, with “firm pricing” in most markets, it added. |
| Margins rose by 20 basis points, as the company focused on selling upmarket package holidays. | Margins rose by 20 basis points, as the company focused on selling upmarket package holidays. |