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Tui AG forecasts growth in 2012

Tui AG forecasts growth in 2012

Moderate growth is expected in 2012 by Tui AG, the German company which owns Europe's largest travel firm Tui Travel.

Pre-tax profits of 206.8 million euro were revealed for the year to the end of September, compared with 177.8 million euro a year earlier. The figures will boost the travel and tourism industry as it gears up for the crucial summer 2012 season.

Tui AG, which saw a 5.4% increase in its share price following the news of the forecast, said full year sales were up by 6.9% to 17.5 billion euro, a higher figure than analysts' estimation of around 16.9 billion euro.

Earnings at the firm rose to 600 million euro, compared with 589 million a year before.

Underlying operating profit for Tui Travel, which accounts for more than 95% of TUI revenue, reportedly rose earlier this month by 18% to £471 million in the year through September, more than the £467 million estimate from analysts.

 

Copyright Press Association 2011
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