City awaits Thomas Cook trading update
Analysts expect Thomas Cook to post an increased first-quarter loss in its trading update this week, while shareholders will use the meeting to raise concerns about bonus payments.
Ahead of Thursday’s annual meeting, Wyn Ellis, analyst at Numis Securities said: "We remain unenthusiastic about the investment merits of Thomas Cook: We believe that the basic business model continues to face structural challenges."
Jeffery Harwood at Stifel, said: "Last year a £49 million operation loss was incurred in the first quarter.
"We expect some increase in the loss this year, reflecting lower profits in Nordics, difficult trading at Condor and adverse currency translation movements," according to reports in the East Anglian Daily Times and other news outlets.
Meanwhile, the Institutional Voting Information Service (IVIS) and the Institutional Shareholder Services (ISS), are concerned about bonus payments.
The ISS, which represents around 20% of investors in the FTSE All-Share index, has recommended shareholders vote against a long-term incentive plan that could pay chief executive Peter Fankhauser up to £1.6m a year.
ISS says Thomas Cook needs to provide more information about the proposal and ‘has not provided enough information on the possible strategic objectives to be selected’.
The Institutional Voting Information Service has questioned changes to a long-term incentive plan that would see Fankhauser’s pay increase substantially.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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