Big changes afoot as Thomas Cook stare down £590m loss
Thomas Cook's year got much worse as they saw their annual loss slumping to a frankly dreadful £590million. This, it seems, is the price of restructuring and overhauling everything, cutting aircraft fleet and flogging off hotels.
However, chief exec Harriet Green, is still optimistic, saying that the massive loss doesn't actually reveal the improvements that have been made recently.
"These results reflect the major issues that Thomas Cook faced last year, but they mask the material improvement that we made in the fourth quarter," said Green. "Our brand has demonstrated its strength by recovering all the ground lost during last year's difficulties and we have identified significant further efficiency improvements."
It'll still be a trying time for the company as Green announced a further £100million of cost-cutting and possibly more after that. This invariably means more job losses on top of the 149 stores already closed and five head office buildings.
And Green will have to act quickly, with debts mounting after Thomas Cook had to get an additional £200million of loans from the banks to stave off collapse. There's the small matter of huge air fuel costs of £100million to contend with too.
Surely it is only a matter of time before Thomas Cook collapses, or can a minor miracle occur?