Shareholders apprehensive about the trading update from struggling package tour operator Thomas Cook can come out from behind the sofa; the summer 2012 late bookings have been good.

Holidays to the usual hot-spots - Turkey, Spain and Greece - proved the most popular destinations for last minute bookings.

The group issued the comforting news that it continues to expect full year results will be in line with market expectations, which were set by the group's interim management statement in August.

With the summer season now almost over, cumulative bookings are tracking ahead of planned capacity in most markets, the group said, while the late rush to escape Britain's soggy summer means price trends have been better than those reported on back in August; aeroplane load factors also remain high.

Among the UK customer base, what the group calls "mainstream" summer holiday bookings are down 9% but the average selling price is up 8%. The group's planned capacity is 11% lower this year than last summer.

In Central Europe, where planned capacity has been held steady, cumulative bookings are flat while the average selling price is up 2% year-on-year (y/y).

Bookings from West Europe are down 9% y/y (capacity: -11%), with the average selling price up 4%. In Northern Europe cumulative bookings are down 3%, in line with the planned capacity reduction, while the average selling price is up 8%.

The German airlines business has seen cumulative bookings rise 7%, in line with the planned capacity increase, even as the average selling price has risen 8% y/y.

"I have spent my first two months reviewing the business, learning about our customers and meeting our people across the world," said Harriet Green, the new Group Chief Executive Officer.

"Working together with the management team, my priority has been to ensure a renewed focus on delivering to our plans for the current financial year, reviewing our approach for the forthcoming year and developing our objectives to grow and strengthen the business for the future," Green said.

Judging by the share price reaction - up a quarter of a penny to 16.25p - she had made a decent start.


JH

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