Thomas Cook ramps up cost-cutting

Travel firm Thomas Cook said Wednesday that it had identified another £50 million ($75 million, $57 million) of cost savings as part of its ongoing restructuring plans. Thomas Cook said in a statement that this would take its total cost savings to £350 million so far. "Our business transformation plans are ahead of schedule and already delivering substantially improved performance," said chief executive Harriet Green in the statement. "We have exceeded our initial commitments and today announced a further £50 million of cost out actions, bringing the total profit improvement actions identified already to £350 million, £290 million of which is still to come." Wednesday's announcement came one week after the group revealed that it would axe 2,500 jobs in Britain, mostly in administration functions and its retail network. Those cuts comprised 16 percent of the group's total workforce of 15,500 people in Britain and Ireland. "Stabilising the business has been our priority through addressing our cost and cash challenges, and strengthening the leadership team to create a more effective, aligned organisation focused on rigorous execution," added Green in Wednesday's statement. Earlier this month, Thomas Cook announced that it had decided against selling its loss-making French division. The London-listed company had posted annual net losses of almost £586 million in November, as the group was hit by the combined impact of the eurozone debt crisis, Middle East unrest and high fuel costs.