TT. Tui Travel

TUI Travel PLC (TT.LN): 3Q Earnings 
Due: August 12 at 0600 GMT 
Company Survey of 20 Analysts 
Average EBITA: GBP102M, up 56% (GBP65.4M in 3Q 2008) 
 

Note: Tour operators have focused on cutting capacity over the past two years, which has allowed them to increase prices and therefore at least maintain profit margins as the demand outlook weakens in the downturn. Analysts will be eyeing whether there's been any heavy discounting on excess stock given their limited ability to cut capacity further for the summer season. Impact of swine flu will also be of interest. Cancellations rates should remain low as people shift to last minute bookings. However, any comment on the 2010 outlook will be of interest, with both unemployment and taxation set to rise. Shares -0.5% at 256p. (KNI)

 
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