IGNORE: Kuoni stresses independence as group returns to profit
Swiss-based Kuoni Group has stressed its strength as an independent operator while announcing a return to the black in 2006.
Kuoni in the UK saw profits (EBIT) rise by 7.5% to CHF 52.9 million while the group overall turned a 2005 loss of CHF 42 million into a net profit of CHF 116.7 million.
UK turnover fell by 9.4% from CHF 770 million to CHF 698 million due partly to the sale of for Us subsidiary Intrav. But turnover was also depressed by the impact of the thwarted terrorist attack at Heathrow last summer and a decline in demand for travel to the Middle East.
Kuoni UK bookings for 2007 were up by 15% as at March 10, while group bookings showed an overall rise of 16% in Swiss france terms, the company said.
Group CEO Armin Meier said: We are confident about 2007. The present economic buoyancy looks set to persist throughout the year, or should only weaken slightly at the most.
“The positive economic trends that are expected for the main markets will have a beneficial effect on the travel sector too; and the increased purchasing power in many countries will rasie demand for products in the higher price segment.”
The annual results statement went on to say that the group’s confidence for 2007 was also based on internal factors.
“The Kuoni business model, with it low vertical integration, keeps business risk to a minimum and offers maximum flexibility of response.
“And once again in 2006, Kuoni purused its strategy of selective acquisitions or premium and specialist providers with sizeable success.
“With turnover of more than CHF 4 billion, the Kuoni Group is big enough to remain and independent player in the tourist travel sector.”
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