Holiday prices up 9 per cent for summer 2016

Holiday prices up 9 per cent for summer 2016

Holiday prices up 9 per cent for summer 2016

It reported a 1% rise in bookings overall across the group for the current winter season and 9% higher for summer 2017, with just under a third of holidays sold.

Pay row More than a fifth of Thomas Cook's shareholders voted against the board's planned pay awards for directors at the firm's Annual General Meeting.

Chief executive Peter Fankhauser said: "Bookings to Greece are now up by over 40%, while demand for destinations such as Cyprus, Bulgaria, Portugal and Croatia is also strong".

Thomas Cook said it was also seeing intense competition as airlines and holiday firms have ramped up their services to the Spanish islands, but stressed it wanted to focus instead on more profitable high-end holidays "rather than chase volume growth".

Travel giant Thomas Cook is facing investor anger after a major shareholder voted against its plans for executive pay.

Mr Fankhauser declined to comment on his pay plans, which he said were drawn up by the group's remuneration committee.

The travel operator's results revealed how it continues to grapple with the impact of political instability and terror attacks that have weakened demand for trips to Turkey and Egypt.

It has now recovered back to levels in 2014, before the refugee crisis in the Mediterranean.

'We have strong relations with our hotel partners in Spain. "They are reasonable", he said in a press conference this morning.

Other smaller destinations are also seeing an opportunity to expand due to reduced demand for Turkey, said Fankhauser.

The travel services company made a pretax loss of 135 million pounds ($162.7 million) for the three months ended December 31, more than the loss of GBP116 million made in the corresponding period a year earlier after booking finance charges of GBP29 million. On an underlying basis, the figure rose 1 per cent.

The company tabled a motion at the AGM reducing it to 165% of base salary reflecting the share-price fall and the feedback from some shareholders.

"We have made a solid start to the year, but it is still early days, and we remain cautious, given the uncertain political and economic outlook around the globe", Chief Executive Peter Fankhauser said.

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