TUI's Operating Profits Increase 12 Percent

TUI released its preliminary results for the year ended 30 September 2012 and it is well positioned for continued growth.

Underlying operating profit excludes separately disclosed items, amortization of business combination intangibles, acquisition related expenses, impairment of goodwill and available for sale financial assets, predecessor accounting for Magic Life in 2011 and interest and taxation of results of the Group’s joint ventures and associates

Operating profits increase of 12% to £526 million on a constant currency basis. Underlying operating profit of £490 million (2011: £471 million), an increase of 4%. Record Mainstream underlying operating profits, on a constant currency basis, accrued in all markets with the exception of France and Southern Europe.

Peter Long, Chief Executive of TUI Travel PLC, commented: “The year has been one of many successes. We have delivered record Group profits while the UK achieved outstanding results both in terms of profit and margin all against a backdrop of continued economic uncertainty. Our proven strategy continues to evolve and drive strong trading momentum throughout the Group. Overall, with the exception of France, trading for both Winter 2012/13 and Summer 2013 is very encouraging.

“We are today pleased to announce the next stage of our strategic development. This roadmap for growth, built on our detailed understanding of the market and robust business models, means that we are well placed to continue to deliver long-term sustainable growth, which in turn, will drive further value for both our shareholders and our customers.”