TT. Tui Travel

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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