Thomas Cook’s shares rebound after senior executive says bookings for 2019 have started strongly
Thomas Cook’s share price jumped more than 15 per cent this morning after a senior executive said bookings for 2019 had started strongly.
The travel company has experienced severe turbulence this year, warning on profits twice as the hot summer hit holiday bookings.
Its share price has taken a battering, falling from 117p this time last year to a low of 22p earlier this month.
Today shares rose more than 15 per cent to 29p as Thomas Cook's sales and e-commerce director Phil Gardner predicted a strong 2019.
Speaking at a travel conference Gardner said: “We’ve had a good start for bookings next year, and have confidence in 2019, but need to focus on margin and profit.”
Gardner said Thomas Cook’s financial results were not as bad as they had been painted.
“Across the group, revenue was up,” he told a Travel Weekly conference today.
“We need to focus on profit in the right way, but revenue being up at least gives us something to play with,” he said.
He also hinted at store closures if the travel company is not able to deliver strong enough results.
“We have a bit of a turnaround to do next year. We need good peaks and good trading to keep the network as it is,” he said.