UK-based leisure travel group Thomas Cook Group Plc (TCG.L) reported Monday a decline in profit for the fiscal year 2009, reflecting higher tax expenses. On a pre-tax basis, profit grew from last year, boosted by strong revenue growth in all regions. Further, the company said it remains confident to perform in line with fiscal 2010 expectations.
In a separate statement, the company said it appointed Paul Hollingworth as Group Chief Financial Officer. Ludger Heuberg, Acting Group Chief Financial Officer will continue in this role until 31 December 2009. Thomas Cook Group added that Juergen Bueser resigned as Chief Financial Officer with effect from November 29 following a period of ill health.
For the 12 months ended September 9, 2009, the company's profit attributable to equity holders of the parent was GBP 15.8 million or 1.8 pence per share, lower than GBP 43.9 million or 4.6 pence per share recorded for the 11 months ended September 30, 2008. The absence of one month in the prior year's full-year results reflected the change in the company's year end reference date.
On a pro forma 12-month basis, profit attributable to equity holders of the parent increased to GBP 15.8 million from last year's GBP 10.8 million.
Latest year results included pre-tax adjustments of GBP 250.7 million, mainly related to exceptional operating items and amortization of business combination intangibles, while last year's results included adjustments of GBP 228.7 million.
On an adjusted basis, earnings per share rose 8.7% to 26.2 pence from pro forma earnings of 24.1 pence per share in the prior year.
Tax expense for the year was GBP 37.8 million, sharply higher than last year's GBP 4.8 million.
Profit before tax was GBP 56.1 million, up from prior year's profit before tax of GBP 48.4 million. Last year's pro forma profit before tax was GBP 23.7 million.
Adjusted profit before tax dropped slightly to GBP 308.2 million from GBP 309.3 million, on a statutory and pro forma basis, a year ago.
Revenue grew to GBP 9.27 billion from prior year's GBP 8.11 billion. On a pro forma basis, revenue rose 5.9% from revenue of GBP 8.75 billion in the previous year. Excluding the impact of currency translation, pro forma revenue dropped 1%, mainly on reduced capacity in all major markets.
Commenting on the results, Manny Fontenla-Novoa, Chief Executive, stated, "We have delivered a strong performance in 2009 achieving full year results ahead of market expectations. This is particularly pleasing as it comes despite the worldwide recession and the financial impact of the Swine Flu outbreak. The adjusted EBIT margin rose from 4.2% to 4.5%, driven by our focus on medium haul and higher margin product, careful capacity and cost management and a strong contribution from our acquisitions."
On a geographical basis, statutory revenues from UK & Ireland increased to GBP 3.10 billion from prior year's GBP 2.83 billion. Continental Europe's revenue was GBP 4.00 billion, up from GBP 3.38 billion a year ago, and Northern Europe's revenues grew to GBP 1.06 billion from prior year's GBP 907.3 million. Full-year revenues from North America went up to GBP 370.4 million from GBP 365.2 million last year, and revenues from Airlines Germany rose to GBP 740.8 million from GBP 630.9 million in the year earlier. Full-year profit from operations went up to GBP 164.2 million from GBP 134.7 million in 2008, and adjusted profit from operations grew to GBP 414.9 million from GBP 363.4 million a year earlier. In the previous year, the company's pro forma profit from operations was GBP 107.1 million, and adjusted profit from operations was GBP 365.9 million.
Further, the company said its Board is recommending a final dividend of 7.0 pence per share, which gives a total dividend for the year of 10.75 pence, up 10% from last year. The final dividend, subject to approval by shareholders at the Annual General Meeting, will be payable on April 8, 2010 to holders of relevant shares registered on March 19, 2010.
Looking ahead, the company said its current trading is in line with its expectations in a challenging environment, and added that it remains confident that the Group will perform in line with its expectations for the current year. According to the company, the continued improvements in product mix, cost saving initiatives and further growth from acquired businesses provide strong foundations for full year.
The company also said that it continues to review acquisition opportunities, with the focus on emerging markets and independent travel.
Separately, Thomas Cook said it appointed Paul Hollingworth as Group Chief Financial Officer with effect from January 1, 2010. Ludger Heuberg, who has been Acting Group Chief Financial Officer since March 2009, will continue in this role until December 31, 2009.
The company said that Juergen Bueser stepped down as CFO and Executive Director with effect from November 29, 2009, following a period of ill health. The company added that Bueser has recovered well and is returning to the business to take up the role of Group Strategy Director.
The new CFO, Hollingworth, was most recently the CFO of Mondi Group, prior to which he was Group Finance Director of BPB plc, De La Rue plc and Ransomes plc. Currently he is a Non-Executive Director of Electrocomponents plc, where he is Chairman of the Audit Committee.
Further, the company appointed Peter Middleton as an Independent Non-Executive Director with effect from November 30, 2009.
On the London Stock Exchange, TCG.L is currently trading at 219.70 pence, up 3.50 pence or 1.62%, on a volume of 3.4 million shares.
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