TUI shows profits for end of year

Against the tide of economic downturn in the world travel market TUI Travel has reported an increase in profit for their year ending 30th September. They showed an underlying profit increase of 11 per cent to £443 million although their total revenue stayed the same at £13.8 billion. There underlying earnings per share also rose by 17 per cent to a new high of 23.8p. Thomas Cook went on the record on Monday in announcing that they had also pre-tax profits of £308.2 million.

The chief executive of TUI Travel, Peter Long, said he was happy with the group’s profits despite the economic turndown which has affected the travel sector. This is the second year that the two have been merged and the second year they have good results in the business market. Mr Long said the figures speak for themselves in showing how well the firm has done in this recession and also shows the need the public still have for a summer holiday.

The firm now says they are looking for the upcoming winter season and have been managing their priorities carefully. They have continued to see strong bookings for the season and have the resilience to meet the expectations of their board for the following year’s figures. Their average prices for foreign trips has risen by around seven per cent, but they put that down to more medium-haul holidays being taken as people escape the dreaded euro that has affected many holiday choices this year and next.