Thomas Cook Group’s financial recovery under chief executive Harriet Green was recognised at last night’s annual Institute for Turnaround (IFT) Awards.
The group received the listed company turnaround award at the ceremony on London.
It was presented for what judges described as an outstanding year of progress, which has seen the oldest travel company in the world successfully implementing a wide-ranging business transformation model.
The IFT awards – widely regarded as Europe’s top business transformation awards – recognise companies and organisations that have returned to strength, having faced difficulties over the last few years, thanks to excellent strategy and leadership.
Cook received the award in recognition of its ambitious business plan overseen by Green and chief financial officer Michael Healy.
IFT Award judges recognised the quick action taken by the management team in dealing with the scale of work that was urgently needed in order to take steps to deliver a successful and sustainable transformation.
The independent judging panel includes representatives from The London Business School, the Confederation of British Industry and Global Turnaround Publishing and a number of accredited turnaround professionals.
Green and her management team unveiled the new Thomas Cook strategy to the market in March, which focused on ‘High Tech, High Touch’ growth of multi-channel routes, while continuing to build customer trust and loyalty through the delivery of the right products, supported by excellent customer service.
Last week Thomas Cook recorded its first operating profit in three years, with the company’s share price rising 13% to 173.7p. When Green joined in July 2012, the share price stood at 15p.
Christine Elliott, chief executive of the Institute for Turnaround said: “Thomas Cook is an example of a successful business transformation in progress.
“The management team fully embraced innovation, delivering a complex balance sheet re-financing whilst developing a business strategy suited to the needs of online consumers.
“In the last year Thomas Cook’s management team have also shown huge amounts of commitment and belief in their vision for the future of the company.
“As a result of the transformation plan, Thomas Cook is now in a position to deliver sustainable growth in the future which was underlined by their impressive financial results announced just last week.”