Quarterly Comment: Thomas Cook
​In a seasonally weak quarter, Thomas Cook, Europe’s second-biggest tour operator, published decent 1Q16/17 results (ended December 31). Like for like revenues were up 1% to £1,618m, while underlying EBIT improved to -£49m from £50m last year. Condor, the German airline division (16% of sales), had another difficult quarter due to cut-throat competition and overcapacity in Germany. In that context, positive developments in key source markets went almost unnoticed. Net leverage remained broadly unchanged from last year at 2.4x, with net lease-adjusted leverage at 3.8x (estimated figures)...
Thomas Cook Group is a travel company. Co.'s segments include: Group Tour Operator, which includes tour operations and associated activities within Co.'s 17 source markets; and Group Airline, which provides airline-related services, including both scheduled and charter services, and associated activities within Co.'s four airlines.
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