RE: Chanjael16 Jun 2016 12:51
Reply from TCG, fair play at least he had the courtesy to respond.
"Thanks for your email. I understand your frustration at the current share price. It is worth bearing in mind that our Chairman, Chief Executive and Chief Financial Officer currently hold almost 4 million shares between them, so they are also affected by the recent share price performance.
We are unfortunately in a difficult market environment at the moment, due mainly to the consequences of instability in the Middle East. Demand for Turkey – our second largest destination last year – is significantly below last year’s levels. This has impacted our German Airlines business in particular. We’ve also seen a sharp decline in demand in Belgium following the tragic attack at Brussels airport in March.
Our share price has been further impacted over the last few days, along with the wider stock market, by concerns about the UK’s potential exit from the EU.
Despite this disruption to the travel market, and stock market turmoil, we are confident that the actions we are taking to develop and strengthen Thomas Cook are the right ones. We are following a clear plan, set out in detail at our results presentation in November 2015, to focus our operations on customer excellence, to improve the quality of our holiday offering for customers, to develop our web proposition and to bring our businesses closer together. We communicated the positive progress we are making at our first half results in May, with highlights including growth in online bookings, expansion of our airline network and long haul growth, and improved customer perception. We also communicated the progress being made by our China JV with Fosun, while we mentioned other Fosun-related developments in our full year results in November. I understand your concerns, but can only reiterate that the management team and the Board are working as hard as they can to ensure the long-term success of Thomas Cook.
Kind regards
James Sandford
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