No further disposals of businesses in near future
Thomas Cook has ruled out further disposals of businesses in the near future, following three big sales in recent days.
The operator sold its long-haul scheduled flight provider Gold Medal to Dubai air service supplier Dnata for the equivalent of €54 million; luxury holiday specialist Elegant Resorts to Saudi owners for €17 million; and its stake in air traffic controller NATS for €46 million.
“We want to find the right home for the right level of value, so we are in no great hurry to just sell things for the sake of it,” Thomas Cook boss Harriet Green said. “We are not about to embark on another major portfolio review.”
She said the disposals so far meant the operator had achieved its wave of asset sales well ahead of schedule. “We are delighted to have been able to achieve this target 18 months before the end of 2015.”
However, while detailing first quarter results, Thomas Cook estimated the impact on its business from political protests in Egypt during this period at almost €100 million. The operator said that Egypt package prices were still falling and that the country now made up less than 5% of summer sales.
[pictured: Camp Jabulani, South Africa, featured by Elegant Resorts]