Thomas Cook
Join Date: Nov 2011
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Before we all start hammering the £400m loss aspect, can we just get the facts clear for future reference: that figure included around £500m of mostly non cash items like write-downs etc. The underlying operating profit was just over £300m (profit - not loss). Down on last year, yes, but not bad in the current climate. Most of the rest of the group turned in record profits. What keeps upsetting the city is the seemingly never ending 'exceptionals'.
Join Date: Feb 2001
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They are to close 200 of their High Street travel agencies, 125 more than originally announced.
Sad news for the employees, but the lesson is that they never learnt to confront a changing environment in the retail travel industry, they were complacent in thinking that their name would bring customers in through the door, and when it did, they didn't train their staff to convert prospects into sales.
Once again, people lose their jobs because of piss poor management putting them into public facing jobs wthout adequate training.
Sad news for the employees, but the lesson is that they never learnt to confront a changing environment in the retail travel industry, they were complacent in thinking that their name would bring customers in through the door, and when it did, they didn't train their staff to convert prospects into sales.
Once again, people lose their jobs because of piss poor management putting them into public facing jobs wthout adequate training.
It seems that the measures in-hand at the airline are it, there was no announcement of anything more.
Perhaps the remaining 330s and 767s will stay after all and the 'support' staff reduced no more than is currently planned. At least that's the way I read the UK update.
The write downs don't seem to be mainly cash, I wonder what they are, anybody any ideas? After the write downs the underlying profit of the parent tour operator seems to be broadly in line with if not slightly better than our major competitor.
Perhaps the remaining 330s and 767s will stay after all and the 'support' staff reduced no more than is currently planned. At least that's the way I read the UK update.
The write downs don't seem to be mainly cash, I wonder what they are, anybody any ideas? After the write downs the underlying profit of the parent tour operator seems to be broadly in line with if not slightly better than our major competitor.
Join Date: May 2011
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If thats the case Spotty M then perhaps we need to ask the question in view of all thats going on can we afford the luxury of our own engineering division ? Should we looking at subbing the entire engineering out to a more competive provider such as Monarch and see what sort of deal they could give us.
At present as you know we do line and lighter work, the big heavy checks go elsewhere, perhaps one company doing everything may be cost effective.
Have to say the press are today once again hammering us over these results not what we really need is it
Thomas Cook airline voted worse than Ryanair: 1k jobs could go after £398m loss | Mail Online
At present as you know we do line and lighter work, the big heavy checks go elsewhere, perhaps one company doing everything may be cost effective.
Have to say the press are today once again hammering us over these results not what we really need is it
Thomas Cook airline voted worse than Ryanair: 1k jobs could go after £398m loss | Mail Online
Last edited by Topspotter; 14th Dec 2011 at 11:34.
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Simple solution really for the TCX group.
Just wind down the UK operation.
2.64 million unemployed and rising......economy shot to sh@t.
They might manage to sell a few holidays but can they make money doing so?
I think not.
Just wind down the UK operation.
2.64 million unemployed and rising......economy shot to sh@t.
They might manage to sell a few holidays but can they make money doing so?
I think not.
Join Date: Apr 2004
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After the write downs the underlying profit of the parent tour operator seems to be broadly in line with if not slightly better than our major competitor.
TUI Operating profit
2011 = £471m
2010 = £399m
Change: +18%
TCX Operating profit
2011 = £302m
2010 = £362m
Change: -16.57%
There are many ways you can carve company's figures to provide as rosy a picture as you like.
From TUI AG Annual Report 2010/2011 - Financial Statements - Income Statement
TUI Group profit for the year £118.2m
BBC reported TUI underlying profit at £360, up 25% ( BBC News - Tui Travel profits up despite tough year )
TCX made a loss after write downs, but underlying profit of £304m
So broadly similar, but not more than. TUI turnover (17bn Euros) is significantly higher than TCX revenue ( £9.8bn), can one compare revenue to turnover to compare to profit?
From TUI AG Annual Report 2010/2011 - Financial Statements - Income Statement
TUI Group profit for the year £118.2m
BBC reported TUI underlying profit at £360, up 25% ( BBC News - Tui Travel profits up despite tough year )
TCX made a loss after write downs, but underlying profit of £304m
So broadly similar, but not more than. TUI turnover (17bn Euros) is significantly higher than TCX revenue ( £9.8bn), can one compare revenue to turnover to compare to profit?
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Comparing Thomson's and Thomas Cook 's financial results has nothing to do with painting 'rosy' pictures!
Read the results, compare the reaction and look at the share price performance.
Broadly similar? Not in the slightest.
If you're in any doubt revisit this thread in 12 months.
Read the results, compare the reaction and look at the share price performance.
Broadly similar? Not in the slightest.
If you're in any doubt revisit this thread in 12 months.
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Looking at the Full Year Results available to download from the TC plc website, page 47 shows the plans for moving to a more flexible fleet for TCX. Wide body aircraft do seem to be in the plans until winter 2017/18. Looking at the graph it appears to be 5 in the Summer and 4 in the Winter, Long haul may well be staying.
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There is a reduction in fleet size, therefore the pilot establishment reduces accordingly. It is being done in a moderately sensitive way with BALPA negotiation. In all likelihood, there will be zero compulsory redundancies, but a considerable number of fleet, base changes, which are a great inconvenience to staff. There are no fat payoff, as suggested by CabinCrewe, only the standard voluntary severance scheme as offered to all TC Group employees.
Please post sensitively on this issue as one day it might be you in the firing line.
Please post sensitively on this issue as one day it might be you in the firing line.
