Thomas Cook share price: Half-year revenue inches higher

Thomas Cook Group Plc (LON:TCG) has this morning released its half-year results.

**Highlights from the company statement:**
· Continued revenue growth: Group revenue increased by £37 million, or 1.2%, to £2,742 million (H1 2014: £2,705 million), as a result of growing New Product and long haul sales
· Gross margin was maintained at 21.3%, as improved yield management and cost efficiencies compensated for continued competitive pressures
· Significant improvement in profitability: Loss from operations improved by £66 million, or 23%, to £220 million (H1 2014: £286 million), helped by a 50% reduction in separately disclosed items
· Underlying EBIT improved by £18 million to a £173 million loss (H1 2014: £191 million loss), excluding a £5 million benefit from Easter falling earlier this year
**Outlook**
Our Summer 2015 holiday bookings across the Group are encouraging, especially for our important fourth quarter, which is offsetting some weakness in the third quarter. The UK business and Airlines Germany continue to trade particularly well, our Northern European business has proven resilient in a difficult market, while our German tour operating business continues to experience tough trading conditions. Our growth initiatives are leading to more demand for our holidays, which, combined with our cost reduction and efficiency programmes, are improving bottom line profitability. We expect that these continuing improvements will lead to further growth in FY15, consistent with our expectations at the full year results last November, on a constant currency basis.

**Peter Fankhauser, Chief Executive of Thomas Cook commented:**
“Overall the Group has made positive progress during the first half. Thanks to the actions we have taken, both profits and like-for-like revenues have grown, and debt has been further reduced. We have formed a promising strategic partnership with Fosun, a leading Chinese investment group, under which we are developing further growth opportunities, both within and beyond our traditional European travel markets. In addition we have signed a new, significantly larger financing facility, giving us improved financial flexibility and liquidity for the future. Our performance in the first half provides a solid foundation for the full year and beyond. I am confident that we can continue to make Thomas Cook a stronger and more profitable holiday company, as we continue to implement our clear strategy for profitable growth, and move towards the resumption of dividend payments in respect of FY16 earnings.”
As of 07:30 BST, Wednesday, 20 May, Thomas Cook Group plc share price is 157.00p.

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