Kuoni reports sharp rise in profits

Kuoni reports sharp rise in profits

Swiss-based Kuoni Group reported a 27% rise in profit before interest and taxes to CHF74 million (£51 million) for 2011 from a turnover of CHF5.1 billion (£3.5 billion) that rose 28% year on year.

Kuoni’s underlying profit was higher at CHF 169 million (£116 million) before the cost of acquiring and integrating destination management services provider Gullivers Travel Associates (GTA) last May.

The group reported growth in “organic turnover” of 1.2% and a net profit of CHF33 million (£23 million), but said the strength of the Swiss franc against other major currencies had a negative impact on the results.

Chief executive Peter Rothwell reported all divisions made a positive contribution and Kuoni had “significantly strengthened its position as a global travel services provider in two areas with great growth potential: Asia and destination management activities”.

He said: “Kuoni today is a larger and better positioned company than it was a year ago.

“The acquisition of GTA, which does a large proportion of its business in the growth markets of Asia, puts Kuoni in a better strategic position. We have managed to improve our financial results and achieved organic growth.”

Rothwell added: “Kuoni continues to pursue its ‘asset-light’ strategy minimising ownership of aircraft or hotels.” The Kuoni boss recently ruled out a bid for any part of Thomas Cook.

Comments

This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.

More in News