Fitch: Thomas Cook unchanged

Fitch Ratings said that Thomas Cook Group plc's (BB-/stable) trading statement for the period April 1 to June 30 (3Q11) will not have an impact on the company's ratings or outlook.

Thomas Cook announced that operating profit for the three months to June 30 is likely to be around £20 million, £5 million lower than the same period last year, the agency said. The group now expects its full year operating profit to be around £320 million, which is 12% less than that of last year.

While the revision to the profit outlook is not insignificant, the issues surrounding the trading profit guidance change are representative of a combination of macro factors, which include the political unrest in North Africa and the Middle East, and a difficult U.K. consumer market where household disposal incomes are declining because bills, taxes and unemployment are increasing, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.