Thomas Cook travel group net profit falls

Thomas Cook Group, Europe's second largest travel operator, said yesterday that its annual net profits fell nine per cent to £64 million (Dh350m).

Thomas Cook Group said profits after tax were hit by costs of its merger in 2007 of Thomas Cook and British rival MyTravel.

Meanwhile in the year to September 30, group sales rose 11.8 per cent to £8.81bn and underlying pre-tax profits jumped 49.8 per cent to £365.9m.

"The 2008 financial year was the new group's first full year of trading and a period in which we achieved a strong financial performance," Thomas Cook Group CEO Many Fontenla-Novoa said in the earnings statement. "While it is still early in the booking cycle for most of our markets, and current trading is in line with our expectations. High load factors give us confidence that consumers remain intent on taking their holidays," he said.