TC profits beat analysts forecasts
Thomas Cook Group has reported a 26% rise in pro forma group operating profit before exceptional items to €375.3 million.
The group has brought forward its results announcement for the year ended October 31 because of its better than expected figures.
It has also announced plans for a share buy-back programme of around €375 million. It intends to seek shareholder approval for this at the AGM.
Joint chief executive Manny Fontenla-Novoa said: “Both our current trading and our first operating result as Thomas Cook Group plc are very encouraging.
“With our merger synergies of at least €200 million, we have a sound platform to achieve our target of at least €620 million operating profit in 2009/10, implying EBITDA of more than €800 million.
“We are also announcing our intention to proceed with a €375m share buy-back programme.”
According to the group’s pro forma unaudited results, UK sales for the period fell from €4736.6 million to €4714.3 million.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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