23 November 2016 – final results
Resilient final results have been released by Thomas Cook with the highlight being the resumption of dividend payments with the declaration of a final dividend of 0.5p per share. Revenue fell slightly from £7,834m to £7,812m in the period ended 30 September 2016. Underlying earnings per share slipped from 8.9p to 8.5p, which given the troubles faced during the period is impressive. Net debt edged up to £129m from £128m a year earlier but free cash flow was £56m. We believe the share price has further to rise and 100p is achievable within the next 12 months. BUY.