JAMES HOLLINS | EVOLUTION
Longer-term, the company will have to fundamentally adjust its business model; savagely cut costs; hope for more benign economic conditions; and wish for negligible external shocks such as the current events in Egypt. The required changes are a tall order in a structurally flawed industry.
WYN ELLIS | NUMIS
We believe that the Thomas Cook brand is highly respected and, with the support of the banks now made clear, bookings may recover quickly. But we believe that the brand has been damaged and this remains a concern given the extensive use of the brand on the high street.
SIMON FRENCH | PANMURE GORDON
The refinancing doesn’t address the structural issues in the company or the near term consumer issues, with UK bookings down 30 per cent last week. With full-year results publication delayed until the week beginning 12 December, profit forecasting is difficult for 2012. We reiterate our sell recommendation.