TUI Travel revenue down 8%, remains in the red in 1HFY2010

TUI Travel revenue down 8% - financial highlights for the six months ended 31-Mar-2010:

• Revenue: GBP4,933 million, -8% year-on-year;
• Cost of sales: GBP4,802 million, -8.9%;
• Operating profit (loss): (GBP364 million), compared with a loss of GBP412 million in the previous corresponding period;
• Underlying operating profit (loss)*: (GBP314 million), compared with a loss of GBP289 million in the previous corresponding period;
• Profit (loss) before tax: (GBP419 million), compared with a loss of GBP456 million in the previous corresponding period;
• Underlying profit (loss) before tax*: (GBP367 million), compared with a loss of GBP333 million in the previous corresponding period. [more]

*Excludes separately disclosed items, amortisation of business combination intangibles and acquisition related expenses and taxation of results of the Group's joint ventures and associates

TUI Travel: "Whilst the volcanic ash cloud caused unprecedented disruption in April, booking volumes have improved in May and our customers continue to place great value on their main summer holiday … despite the impact of the disruption, I expect positive momentum in the second half of the year as strong underlying demand improves trading and merger synergies continue to be delivered. Excluding the impact from the volcanic ash disruption, I remain confident that we can meet the Board's original expectations for 2010," Peter Long, CEO. Source: TUI Travel, 11-May-2010.