Travel operator Thomas Cook has made a profit for the first time in four years after cutting costs and boosting sales.
Thomas Cook directors have something to smile about
The German company had a net profit of 105.4m euros ($127m; £72m) for the year to 31 October, compared with a loss of 176.4m euros in the previous 12 months.
Sales for the year totalled 7.66bn euros, up from 7.48bn previously.
Total customer numbers over the year rose 1.1% to 13.2 million, while the average cost paid for a holiday rose 1.4% to 514.9 euros.
Strong UK arm
During the year Thomas Cook cut staff costs by 2% and other operating costs by 8.4%. Net debt was halved to 279.3m euros.
"All key segments have improved their income position and are reporting profits," said Thomas Cook finance chief Ludger Heuberg.
"Thomas Cook UK and Ireland achieved the best level of profitability, while [German airline] Condor recorded the biggest improvement in earnings."
Looking ahead, the company said that the firm's bookings for the coming summer are up almost 10% from last year.