Kuoni UK suffers ‘depressed demand’
Kuoni Group today admitted its UK arm was facing weakening demand in the face of the economic downturn.
Revealing group third quarter earnings before interest and taxes (EBIT) up by 8.2% to CHF 105.8 million, the operator said “the already-advanced economic crisis and the resulting consumer restraint continued to depress demand†in the UK.
Nine-month EBIT increased by 15.7% to CHF 119.7 million for the Swiss-based group.
Kuoni acquired Australian Tours Management and UK-based luxury tour operator Carrier in the third-quarter period ending September 30.
“Strategic Business Units Scandinavia, Switzerland and Asia and Destination Management were the prime contributors to the encouraging turnover and earnings rises of the first nine months,†the company said.
by Phil Davies
Phil Davies
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