Tui releases results
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Tui Travel has released its preliminary results for the year ending September 2012 indicating a 12% rise in operating profit and an 8% increase in pre tax profits.
The figures are a stark contrast to those published by rival Thomas Cook earlier in the year – with confirmed losses of GBP590 million.
Overall, operating profit increased to GBP526 million, underlying profits of GBP490 million.
In the UK the company performed extremely well, with record profits of GBP197 million – again a massive gain on 2011’s GBP149 million.
“The year has been one of many successes,” commented Peter Long chief executive of TUI Travel. “We have delivered record Group profits while the UK achieved outstanding results both in terms of profit and margin all against a backdrop of continued economic uncertainty. Our proven strategy continues to evolve and drive strong trading momentum throughout the Group. Overall, with the exception of France, trading for both Winter 2012/13 and summer 2013 is very encouraging.
“We are today pleased to announce the next stage of our strategic development. This roadmap for growth, built on our detailed understanding of the market and robust business models, means that we are well placed to continue to deliver long-term sustainable growth, which in turn, will drive further value for both our shareholders and our customers.”