TUI Travel Makes Good Progress In Turnaround Strategy
02 Dicembre 2010 - 9:02AM
Dow Jones News
TUI Travel PLC (TT.LN) Thursday said its underlying operating
profit improved as it continued to deliver merger synergies and
made progress mitigating the difficult trading environment, about
which it remains cautious for 2011.
MAIN FACTS:
- Pro forma underlying operating profit of GBP447m (2009
restated: GBP401m).
- Good turnaround progress in the year, particularly in Canada,
Germany scheduled flying and Nouvelles Frontieres.
- Social plan signed with employee representatives allows the
implementation of the Corsair turnaround plan.
- Differentiated products performed well in Summer 2010.
- Sustained improvement in demand since July and trading for
Winter 2010/11 and Summer 2011 remains positive.
- Working capital improvements during the year resulted in a
stronger than expected cash flow performance, with net debt lower
at GBP249m (2009: GBP338m).
- Final dividend of 7.8p per share, resulting in a full year
dividend of 11.0p per share (2009: 10.7p).
- Since July there's been sustained improvement in trading which
resulted in Summer 2010 closing out well in all source markets and
positive trends for the Winter 2010/11 and Summer 2011 seasons.
- Remains cautious about 2011 given the continued economic
uncertainty and the relatively early stage of the booking
cycle.
By Kaveri Niththyananthan, Dow Jones Newswires; 4420 7842 9299;
kaveri.niththyananthan@dowjones.com
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