November 10, 2011 | by Kuoni Reisen AG
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November 10, 2011, Kuoni Group posted a clear improvement in results for the first nine months of the year. Turnover went up 26.2 % to CHF 3 809 million (prior year: CHF 3 019 million). Operating earnings (EBIT) improved by 47.7 % to CHF 45.8 million (prior year: CHF 31.0 million) despite the one-off cost of acquiring Gullivers Travel Associates (GTA). EBIT before the cost of the investment and cost-reduction programme, the planned amortisation of acquisition-driven intangibles, and the acquisition and integration of GTA came to CHF 113.2 million.
The market environment was challenging, especially in Europe. Kuoni still achieved 3.3 % organic growth in turnover after adjusting for acquisitions and exchange rate influences. The increase in operating earnings is due to the continued growth of the Destinations Division (Kuoni Destination Management and GTA), VFS Global (administrative consular services) and the results posted in Scandinavia. Turnover of CHF 1 725 million was generated in the third quarter of 2011 (Q3 2010: CHF 1 263 million). Operating earnings came to CHF 78.3 million (Q3 2010: CHF 68.8 million). The market environment continues to be difficult, but turnover of around CHF 5 billion and an EBIT margin in the range of 2010 s is still expected for 2011.
Contact
Kuoni Reisen AG Neue Hard 7 8010 Zürich Tel. 044 277 44 44 Fax 044 271 52 82
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Conclusion of this article: « Kuoni: Improved results and continued growth »
Source: Kuoni Reisen AG, Press release