LONDON (dpa-AFX) - Tour operator Thomas Cook Group Plc. (TCKGY.PK, TCG.L) reported Wednesday that its fiscal 2016 profit before tax declined to 42 million pounds form 50 million pounds last year.
Profit after tax plunged to 9 million pounds from last year's 19 million pounds. Earnings per share were 0.80 pence, compared to 1.6 pence last year.
Underlying earnings per share were 8.5 pence, compared to 8.9 pence a year ago.
Revenue for the year declined to 7.812 billion pounds from 7.834 billion pounds a year ago. The company noted that the Turkey impact was nearly offset by shift to alternative destinations and currency translation. On a like-for-like basis, Group revenue fell by 5%.
Further, the Board's recommended to pay a dividend of 0.5 pence per share, its first in five years, reflecting confidence in the strategy and the opportunity for sustainable, profitable growth.
Looking ahead, the company said it is confident that its strategy for profitable growth, focusing on improving holidays for customers, will help to achieve a full year operating result in line with current market expectations.
For Winter 2016/17, trading is in line with expectations. The Winter 2016/17 season is 61% sold for the Group, 2% higher than the same period last year.
Copyright RTT News/dpa-AFX