Thomas Cook – 74.375p

7 February 2013 – interim management statement

The latest update on trading from the company has been well received and the share price continues to move upwards.  Total revenue in the first quarter was £1.724bn at a gross margin of 21.9%, which is higher than a year earlier.  The company is on track to deliver the £100m of cost savings which had been identified and has identified a further £60m to target.  With lower net debt and higher headroom the future is looking more certain and we believe that positive momentum will continue.  Although the shares have had a meteoric rise since our tip we still rate Thomas Cook as a BUY.

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