Tui Travel posts soaraway profits in final results before merger
UK TRAVEL operator Tui Travel yesterday reported a higher profit for its last financial year driven by strong demand in the UK, Germany and Netherlands for its higher margin “unique holidays”.
The Thomson and First Choice owner said it had also halved losses from its French tour operating business.
In its last set of results before it merges with German parent company Tui AG, Tui Travel reported a pre-tax profit of £362m for the year ended 30 September, compared with a £169m profit the prior year, when it booked £188m in impairments, including £59m from its French business. Underlying operating profit came in at £612m, up 3.9 per cent from £589m in 2013.
“The improvement in underlying operating profit was driven by strong performances in the UK, Germany and Netherlands… These positive results were partly offset by weakness in the Nordics trading in the first half of the year, and by the performances of Russia and Ukraine,” the company said.
Tui Travel’s shares rose 3.64 per cent to 444.30p.