Thomas Cook Posts First Profit Since 2010 as Cost Cuts Deliver
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Thomas Cook Group Plc snapped two years of operating losses, sending the stock to its biggest gain in six months, after the 172-year-old U.K. tour operator cut jobs, streamlined brands and closed failing retail outlets.
Thomas Cook had statutory earnings before interest and tax of 13 million pounds ($21.2 million) for the 12 months ended Sept. 30, versus a 170 million-pound year-earlier loss, the London-based company said today. Its shares rose as much as 14 percent and have more than quadrupled in value this year.