Thomas Cook shares leap 15% on cost-cutting plans

Shares in travel operator Thomas Cook jumped this morning after the firm outlined a further raft of cost-cutting measures.

Its shares rose 15% to 100p after the company unveiled a plan to reduce costs by a further £50m, taking the total cost savings in the business to £350m. The formerly FTSE 100-listed group will also look to raise up to £150m through the disposal of non core businesses. New chief executive, Harriet Green, is targeting sales growth of at least 3.5% a year by 2015, and an operating profit margin on 5% or more by the same deadline. "We have exceeded our initial commitments and today announced a further £50m of cost out actions. Stabilising the business has been our priority through addr...