Kuoni profit rises almost 50%
Kuoni’s acquisition last spring of destination management services provider Gullivers Travel Associates (GTA) helped boost the company’s annual turnover by 28% to CHF5111m (£3533m) in 2011.
Net profit also rose sharply from CHF23.2m (£16m) in 2010 to 33.3m (£23m) last year.
"These positive results are attributable to the Kuoni Group’s new global focus and stronger business activities in the growth markets of Asia," said the company. "The continued growth of the destinations division and acquisition of Gullivers in May 2011 contributed greatly to this."
Political upheaval in the Middle East, the European debt crisis, the natural and nuclear disasters in Japan, prevented even stronger growth, it said. The strength of the Swiss franc against all the major currencies had a negative impact.
CEO of Kuoni Group Peter Rothwell 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 also managed to improve our financial results and achieve organic growth."
Rothwell said Kuoni would continue to pursue its "asset-light" strategy minimising ownership of aircraft or hotels.
The group will strengthen its board of directors at the AGM next month with the appointment of two new members: Korean Jay Lee, previously in charge of eBay’s Asia/Pacific region portfolio; and Dutchman Adriaan Nuhn, who sits on the boards of several international consumer goods companies.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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