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.