TUI Travel revenue down 8%, losses double in 1QFY2010
TUI Travel revenue down 8% - financial highlights for the three months ended 31-Dec-2009:
- Revenue: GBP2,533 million, -8% year-on-year;
- Cost of Sales: GBP2,415 million, -6.1%;
- Operating profit (loss): (GBP140 million), compared to a loss of GBP70 million in the previous corresponding period;
- Net profit (loss): (GBP124 million), compared to a loss of GBP67 million in the previous corresponding period. [more]
TUI Travel: “Our flexible business model allowed us to manage the impact of the first full winter season since the height of the economic downturn by ensuring demand was in line with profitable supply. As anticipated, trading has been difficult, especially against a tough comparative period, but sustained improvements in demand over a number of months leave us more confident that the worst is behind us. I expect positive momentum in each of the remaining quarters of 2010 as trading benefits from improved demand in all source markets, merger synergies are delivered, and the benefits of our strategic venture in Canada and our exit from scheduled flying in Germany are realised. For these reasons, I remain confident that we can meet our Board’s expectations for 2010,” Peter Long, CEO. Source: TUI Travel, 09-Feb-2010.