Thomas Cook narrows losses

British holiday company Thomas Cook Group reported a narrower first-quarter seasonal loss and said it was on track to grow this year despite facing tough trading conditions in mainland Europe.

Thomas Cook said UK holidaymakers looking for winter sun in the Caribbean or summer breaks in Turkey were taking advantage of lower prices.

Thomas Cook Group, the world’s oldest travel group, said on Wednesday that its seasonal loss from operations in the three months ended December 31 was 42 per cent lower than in the same period last year at £73m, reflecting a cost saving plan and strength in its home market.

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Summer holiday bookings were developing in line with expectations, said Thomas Cook, adding that trading in Britain was robust, while on the continent it faced headwinds, with German customers booking trips later.

Thomas Cook, in the midst of a long-term cost-saving plan, warned in November that its growth would be more measured in the current financial year.

“While trading conditions continue to be tough, particularly in Continental Europe and Northern Europe, we nevertheless expect to deliver further growth in full-year 2015, consistent with our expectations at our recent full year results,” the company said in a statement.