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TUI reports UK and Ireland sales decline
TUI Northern Europe – which includes TUI UK – saw 2006 profits decline to 81 million euros from 103 million euros the previous year.
The figure, excluding 50 million euros in restructuring expenses and a five million euros one-off charge for conversion of IT services at Thomsonfly, came in at 135 million euros against 114 million euros in 2005, despite what the company described as a “slight decline” in sales.
The result came “despite difficult market conditions in the UK and Ireland”, the company said. Passengers carried by the division rose by 2.1% to seven million but sales of 4.8 billion euros were marginally down on 2005 levels.
“Within this context, the unit reported declining sales in the UK and Ireland and an ability to continue to expand business volume in the Nordic countries,” a statement said.
German-based TUI AG’s overall tourism businesses saw operating earnings rise by 9.5% to 401 million euros in 2006, up from 366 million euros, based on sales flat at 14.1 billion euros.
Sales growth to 15 billion euros is predicted for 2007 with operating profits of between 450 million-550 million euros.
The company said; “TUI believes the restructuring programmes, which commenced in the UK at a time of a declining market in the previous year, will have a stabilising impact on the development of financial results for the Northern Europe sector, with positive results most likely expected in the Nordic countries.”
*TUI/First Choice merger – see previous stories
by Phil Davies
Phil Davies
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