THOMAS Cook UK and Ireland has achieved one of its
best ever financial performances despite the group doubling its losses for the
year.
The group’s UK and Ireland arm is believed to have
made profits of around £30 million for the year ending October 31, 2003,
although figures are not officially broken down.
But the total group saw losses fall from £80 million
last year to £170 million euros this year. It is unlikely to return to profit
until 2004/05.
As a result 10% of the German workforce – 500 jobs –
will be axed by the end of 2005.
New group chairman Wolfgang Beeser dismissed rumours
of a sell off of the UK business.
Meanwhile, UK boss Fontenla-Novoa said the profits gap
was closing with rivals. “These are some of the best results we’ve ever
achieved.”
He said it had improved its financial performance by
around £90 million following a business transformation plan which started in
October 2001.
A three-brand strategy has
been implemented in the UK, the Thomas Cook name rolled out for the tour
operation and airline and 122 shops rebranded.