31 May 2012 – interim results
The group has produced its interim results for the six months to 31 March. These have shown a small increase in revenue to £3.5bn although the underlying loss before tax increased to £328m from £233m in the comparable period last year. No interim dividend was proposed as the group continues to focus on reducing its net debt, which had increased to £1.39bn at the end of the period from £1.09bn at the end of March 2011. The group has appointed a new management team, with Harriet Green, previously at Premier Farnell taking over as CEO at the end of July. As previously reported, the group has restructured its debts and the sale and leaseback of some aircraft together with the sale of Thomas Cook India will help to reduce debt further. As we have stated before, it may be a long road to recovery but the group has now bought some time and the shares remain a BUY FOR RECOVERY.