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Kuoni UK sees profits tumble
Kuoni UK saw third quarter profits before interest and tax slump by almost 44% to £3.6 million from £6.5 million a year earlier.
The drop came despite a 23.8% rise in turnover to £95.5 million, figures released by Swiss parent company Kuoni Group today (Tuesday).
The group admitted the UK business unit, which went through a management shake-up resulting in the exit of former head Sue Biggs earlier in the year, is “still short of its objectives”.
The group’s third quarter results statement said: “The new management installed in summer is currently devising the actions required to bring the unit back onto a successful track.”
Kuoni’s UK arm saw EBIT for the nine months ending September 30 decline by 16.6% from £16.7 million to £13.9 million on turnover up by 16.5% to £257 million.
The group overall saw turnover for the nine months rise by 14.8% with EBIT up by 17.2% to £46 million. Kuoni expects a group EBIT of more than £58 million for the full financial year.
The nine month period had been characterised by further industry consolidation and “substantial pressure on margins,” the group said, noting that its Scandinavian business had posted “exceptionally good” results.
“As was expected, the favourable overall group results were depressed to some extent by performances in the Swiss and UK markets.”
Kuoni said forward bookings at November 11 were 14% up overall over the same period last year with the Maldives, Thailand an Egypt proving particularly popular for Christmas breaks.
by Phil Davies
Phil Davies
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