Do Thomas Cook’s results show it is heading the right way?

 
Kasmira Jefford
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JAMES HOLLINS | INVESTEC
This is an encouraging statement of intent and represents a suitably aggressive start to life under Harriet Green...With net debt down to more manageable levels and a supportive banking syndicate, we think the group now has the platform to deliver the required cost and business changes to thrive.

NICK BATRAM | PEEL HUNT
The results were much as expected, as was the outline of the business transformation strategy. But net debt was £100m lower than we expected, and this should give some confidence that the new management can deliver...While the upside from getting it right is significant, the task remains substantial.

WYN ELLIS | NUMIS SECURITIES
The statement from Thomas Cook is positive...However, we consider that the future remains highly uncertain and the turnaround task will, we believe, be very difficult. At this stage we prefer to adopt a wait and see attitude. We retain our ‘hold’ rating.