Kuoni UK 2004 turnover up 12.5%

Sunday, 17 Mar, 2005 0

Kuoni UK increased its turnover 12.5% last year to CHF 735 million (£331 million).

Despite a slight decline in the gross profit margin, earnings before interest, taxes and amortisation of goodwill (EBITA) was maintained at 2003 levels, producing a further double-digit EBITA margin of 10.2%, the company said.

The Swiss-based travel group suffered a CHF 10 million hit due to the Asian tsunami disaster but still saw EBITA profit rise by more than 24% to CHF 127.6 million.

New group chief executive Armin Meier, who took up the role on February 1, said: “Our results for 2004 tellingly demonstrate that Kuoni is correctly equipped and positioned to take full advantage of the opportunities on offer in the growing travel market.”

Kuoni said 2005 group bookings up to March 13 were some 2% below the prior-year period – “not a surprising result, in view of the tsunami disaster of December 2004”.

The company added: “With business recovering week by week, however, Kuoni is confident of favourable business trends for the year as a whole.

“The growing flexibility being shown by customers and the increasing individualisation of their wishes and needs have confirmed the value of Kuoni’s strategy of maintaining only modest vertical integration and clearly assigning its products to its various brands.

“We intend to retain our focus on our core leisure travel business and on being the most successful international premium and specialist tour operator. This will enable us to respond flexibly to changes in markets and demand and offer our customers the best products and services available in each of our markets”.

Report by Phil Davies

Phil Davies

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