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Thomas Cook Continues To Expect This Year To Be Challenging - Quick Facts

5/11/2012 2:34 AM ET

Thomas Cook Group Plc (TCG.L,TCKGY.PK) said it has agreed to the sale and lease back of 11 Boeing 757 aircraft with Guggenheim Aviation Partners, LLC and 6 Boeing 767 aircraft with Aircastle Advisor (International) Ltd. The company has also consented in principle to enter into sale and leaseback agreements in respect of a further 2 Boeing 767 Aircraft with Guggenheim.

Thomas Cook noted that its expects to receive proceeds of $202.9 million from the sale of 11 Boeing 757s and 2 B767s to Guggenheim, and proceeds of $91.5 million from the sale of 6 Boeing 767s to Aircastle.

The company further updated on current trading. Thomas Cook stated that the winter season has closed and bookings were broadly in line with the last update to the market on March 28, 2012. Overall, UK bookings are only slightly lower than prior year. Mainstream bookings are down 9%, ahead of capacity reductions of 13% and the company has 19% less left to sell compared to prior year.

Besides, average selling price is stable at 4% and the company's independent and specialist businesses continue to perform well, with bookings up 11%.

In addition, Thomas Cook said the unaudited seasonal loss from operations before separately disclosed items for the six months to March 31, 2012 was 262.7 million pounds versus 165.8 million pounds last year. The results reflect the continued difficult trading conditions being experienced in most of the Group's markets and particularly the impact of MENA on West Europe and the poor trading in the Canadian mainstream business following the loss of a key hotel supplier and overcapacity in that market.

Going ahead, the company said it continues to expect this year to be challenging given the economic backdrop and difficult trading environment.

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by RTT Staff Writer

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