Thomas Cook cuts winter loss Thomas Cook reduced its winter losses by 42% to £73 million in the first quarter of the year, during which it saw revenues rise by 1.6% Its net debt fell by £24 million to £1.262 million during the period. Chief executive Peter Fankhauser, who replaced Harriet Green at the start of the financial year, said: “Our performance in the quarter demonstrates the strong progress we continue to make in transforming Thomas Cook. “We are particularly pleased with the performance of our UK business, which is now achieving its highest underlying EBIT margin since 2009, while at a Group level we have nearly halved our first quarter operating loss. “Although it’s early days, our strategy for profitable growth through New Products and Winter Sun is delivering results. “The trading environment in many of our markets continues to be tough, but we believe the measures we are taking to improve our businesses will continue to strengthen our competitive position. “Our strategy remains to generate sustainable profitable growth by providing differentiated and exclusive holidays while driving efficiencies in production and distribution, underpinned by digital excellence. “I am confident that our focus on rigorous implementation will continue to drive significant improvements in the Group’s performance.”