UK sparks TUI growth
TUI chief executive Dr Michael Frenzel said he was “basically satisfied” with the group’s 2005 performance which saw turnover climb 5.8% to £9.7 billion (14.1 billion euros).
Earnings climbed 2% to £248 million, with Northern Europe, which includes the UK, Ireland and Scandinavia, contributing £109 million, up more than 40% from 2004. Turnover in the region increased 2.9% to £3.3 billion.
In the UK, passenger numbers rose 9.5% to 5.38 million, which includes seat-only sales, with 73% of its tour operating product sold through Thomson’s own distribution network.
A statement said earnings in the UK, along with Germany and France, have benefited from “cost cutting and efficiency improvement programmes” of previous years.
Western Europe suffered however, losing almost £7 million, largely due to France “falling significantly short of expectations.”
It blamed the Paris riots at the end of last year for the decline, which particularly hit the highly profitable Christmas business.
“Adjusted for the unexpectedly high loss in source market France, earnings by tourism rose 17%,” said Frenzel. “That is why I am basically satisfied with the development of tourism.”
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