Kuoni half year results
Tuesday, 19 Aug, 2010
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Kuoni says it is optimistic about forward bookings despite the ash crisis, British Airways strikes and heavy snow denting sales for the first half of the year.
Sales for the UK and Benelux were down 9.4 per cent to £166 million for the first half of the year and the region’s bookings to August 8 were six per cent down on last year.
The group’s losses for the first half of the year where £23 million, an improvement on the £30 million for the same period last year which it put down to cost reductions and increased margins.
Kuoni CEO Peter Rothwell said the group had seen ‘considerable improvement’ in July turnover and margins. It reports stronger forward booking levels for the second six months with bookings for the last eight weeks to August 8 nine per cent up on last year.
The cost of the Ash crisis, at around £29 million was also lower than first estimated.
Rothwell said: “Demand in the UK market suffered severely from the effects of the volcanic ash crisis, heavy snowfall and repeated strike action at the national carrier.”
He added: “Given the stronger booking levels that we are seeing for the second six months, we expect to post a turnover that is a single-digit percentage increase on the previous year.
"At the same time, sustainable cost savings and improved margins should result in an underlying EBIT margin close to three per cent for the full year."
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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