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Thomas Cook reports first profit in five years despite security fears

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Thomas Cook reports first profit in five years despite security fears
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Thomas Cook has reported its first return to profit in five years, saying it’s positive about the outlook for next year, despite security fears.

The British holiday company – Europe’s second-largest – saw pre-tax profit improve to £19 million (27 million euros) in the year to September.

Shares in the firm, which almost collapsed four years ago, soared by nine percent on the news.

Although terrorist attacks have seen demand collapse for holidays in countries such as Egypt and Tunisia, the appetite for foreign travel among Europeans remains strong.

Thomas Cook said bookings from Britain rose eight percent compared to the same time last year.

However Chief Executive Peter Fankhauser said the travel industry was facing the greatest turmoil in 30 years because of this year’s wave of terrorist attacks.