18 JULY 2011
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The share price of Thomas Cook came crashing down last week as the world’s oldest travel company issued a profit warning. With the peak holiday period just weeks away there are plenty of bargains available.
The firm’s statement said that profits would suffer substantially – about 25% – due to ongoing trouble in the Middle East and North Africa as well as weak consumer spending trends both in the United Kingdom and Spain. The 2010/2011 figures were now expected to be around £320m, compared to the previous year’s figure of £362m and substantially less than the £380m expected.
Barry Smith of Skyscanner was quick to make comment. “The political unrest in the Middle East has led to some British travellers seeking alternative holiday destinations this summer. Our data shows that flight searches for Egypt are down 28% on where one would expect them to be, compared on searches for the previous year, although last year’s shark attacks may have also influenced this. Searches to Morocco have also suffered – down 13% on expectations – however Tunisia appears to have fared better, with searches in line with expectations.” www.thomascookairlines.co.uk www.skyscanner.net
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