Audited results for the year ended 30 September 2013 and Strategy Update
THE FIRST 365 DAYS OF TRANSFORMATION DELIVERED - THIS IS JUST THE START
"I am delighted to report that the first 365 days in the transformation of Thomas Cook have been a great success. Our underlying EBIT for the year ended 30 September 2013 is up £86 million to £263 million, a rise of 49% compared with the previous year, putting our business back on a firm trajectory of profitable growth. We've taken out more cost more quickly than originally planned. The balance sheet has been strengthened; the £1.6 billion recapitalisation has been completed, maturities extended and we have almost halved our net debt. Finally and significantly, operational cash flow is gathering momentum.
Yet the implementation of our strategy for sustainable profitable growth has only just begun. With our systemised approach to business, our products, people and processes and our powerful unified brand, we are confident of delivering significantly more. Reflecting this, we are increasing three of our key 2015 targets: new product revenue, Wave 1 cost out and profit improvement and cash conversion. In addition, we are delighted to announce a new Wave 2 cost out and profit improvement target to be delivered by 2018, which will be of the same magnitude as wave 1. Totally committed to our continuing transformation, I look forward to Thomas Cook delivering even more value in the years to come."
Harriet Green, Group Chief Executive
