Thomas Cook cuts losses 42% in first results since CEO departure

11th Feb 2015 07:18

In Thomas Cook's first admission of results since chief executive officer (CEO) Harriet Green chose to leave in November, the company revealed that it slashed operational losses by 42% to £73m on a like-for-like basis in the first quarter.Thomas Cook also experienced a revenue increase for the three months ended 31 December 2014, despite reporting "tough" trading conditions in continental and northern Europe. Like-for-like revenue rose 1.6% to £1,519m, according to the company."New, simplified management structure put in place to improve the execution of strategic priorities, and to streamline decision making," the report read.The company also claimed that an increase in bookings bolstered UK trading. Thomascook.com recorded a 24% rise in digital bookings in December alone and a 10% rise for the whole quarter.The removal of other low-margin hotel-only business has led the group's web penetration to remain at 38% over the last 12 months.Meanwhile, net debt was reduced by £24m to £1,262m for the first quarter, which Thomas Cook put down to improved cash flow.