Thomas Cook Group Plc. (TCG.L) announced its new profitable growth strategy and updated profit improvement plans.
The company announced further 50 million pounds of identified cost savings and profit improvements bringing the total cost out and profit improvement plans to 350 million pounds of which 60 million pounds was delivered in fiscal 2012. The company aims to deliver the remaining 290 million pounds by the end of fiscal 2015.
In 2011, the company announced UK Turnaround plan which identified 140 million pounds of EBIT improvements. In February 2012 the company announced 60 million pounds of improvements to be delivered by the end of September 2012.
The company today announced that it is on track to deliver the remaining 80 million pounds by the end of fiscal 2015. In November 2012 a further 100 million pounds of cost savings and profit improvements were identified at Group level and in the first-quarter IMS in February 2013 this target was increased to 160 million pounds.
For fiscal 2015, the company expects new product revenue to be greater than 500 million pounds.
The company said it has well developed plans in place to grow the number of passengers in its concept hotels four-fold in the next five years. The company announced product and service innovation. These are: an increased emphasis on winter sun, a portfolio of dynamic packaged city break holidays, budget quality hotels with great design for the smart traveller, expanding room and flight only booking capability whilst providing an assurance of quality and a deeper engagement with customers through a suite of 'high tech services' through community engagement which complements the holiday product portfolio leading to higher conversion rates, improved share of wallet and improved likelihood of repeat purchase.
The company aims to have the highest share of bookings online for a major tour operator to deliver targets per segment by fiscal 2015 as follows: UK over 55%; Central Europe over 12% and over 30% by 2016/17; West/East over 40% and Northern Europe and the Airlines by over 75% each.
The outlook for the full year continues to be encouraging, underpinned by the on-going delivery of the Group's Transformation actions.
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