But rival Tui Travel, which owns the Thomson and First Choice brands, increases profit outlook on strong demand
Shares in the UK's largest listed travel companies suffered contrasting fortunes on Thursday morning as they reported on summer trading.
Thomas Cook, the world's oldest tour operator, said it had experienced slower trading in summer compared with last year, as forecast, and said it expected full-year results to be in line with expectations.
But its shares were the second biggest faller on the FTSE 250, dropping nearly 7% to 145p, as the travel firm said that UK summer bookings were down 3% on the year, continental sales were flat and northern European sales were down 1% – despite average selling prices being up in each reported segment.
The company said its summer holidays were now over 95% sold but late bookings had slowed compared to last year, when bad weather around much of Europe led to a particularly strong market.
Thomas Cook said winter trading had started more slowly across most markets due to warm weather across Europe and recent troubles in Egypt, but the company said the wider range of routes and packages it was offering would help it hit its targets.
But Tui Travel, the world's largest tour operator, increased the profit outlook it gave only seven weeks ago due to strong demand in Britain and the Nordic countries of Denmark, Finland, Iceland, Norway and Sweden for summer holidays.
Its shares were the biggest risers in the FTSE 100, gaining just over 2% to 363p. It said that holiday bookings in the UK, Nordics and Germany increased by 13%, 11% and 5% year-on-year respectively for summer 2013.
The group, which owns the Thomson and First Choice brands, said it expected full-year underlying growth in operating profit of at least 11% on a constant currency basis, after predicting growth of 10% in August.
For the winter 2013/14 period, it has sold approximately 31% of its mainstream holidays. Average selling prices across all key source markets were up year on year. Reported by guardian.co.uk 8 hours ago.
Shares in the UK's largest listed travel companies suffered contrasting fortunes on Thursday morning as they reported on summer trading.
Thomas Cook, the world's oldest tour operator, said it had experienced slower trading in summer compared with last year, as forecast, and said it expected full-year results to be in line with expectations.
But its shares were the second biggest faller on the FTSE 250, dropping nearly 7% to 145p, as the travel firm said that UK summer bookings were down 3% on the year, continental sales were flat and northern European sales were down 1% – despite average selling prices being up in each reported segment.
The company said its summer holidays were now over 95% sold but late bookings had slowed compared to last year, when bad weather around much of Europe led to a particularly strong market.
Thomas Cook said winter trading had started more slowly across most markets due to warm weather across Europe and recent troubles in Egypt, but the company said the wider range of routes and packages it was offering would help it hit its targets.
But Tui Travel, the world's largest tour operator, increased the profit outlook it gave only seven weeks ago due to strong demand in Britain and the Nordic countries of Denmark, Finland, Iceland, Norway and Sweden for summer holidays.
Its shares were the biggest risers in the FTSE 100, gaining just over 2% to 363p. It said that holiday bookings in the UK, Nordics and Germany increased by 13%, 11% and 5% year-on-year respectively for summer 2013.
The group, which owns the Thomson and First Choice brands, said it expected full-year underlying growth in operating profit of at least 11% on a constant currency basis, after predicting growth of 10% in August.
For the winter 2013/14 period, it has sold approximately 31% of its mainstream holidays. Average selling prices across all key source markets were up year on year. Reported by guardian.co.uk 8 hours ago.