Thomas Cook losses widen after merger

0 Comments | AFP, June, 2008

LONDON (AFP) — Thomas Cook, Europe's second biggest travel group, said Tuesday that its first-half losses widened to 191.3 million pounds on costs linked to its merger with MyTravel.

Thomas Cook said in a statement that the earnings figure for the six months to April 30 compared with a loss of 30.1 million pounds during its first-half in 2006/07.

However the group said its underlying performance was strong, despite record-high oil prices.

Group revenue jumped by 7.5 percent to 2.96 billion pounds in the first half, while Thomas Cook declared a interim dividend of 3.25 pence per share.

"I'm delighted with our performance over the winter and we are in a very good position for the summer season," group chief executive Manny Fontenla-Novoa said in the...