TUI Travel plc

First Quarter Results for the Three Months Ended 31 December 2010 and Interim Management Statement

Press Release   •   Feb 03, 2011 15:38 GMT

Key financials

First quarter ended 31 December 2010

For table, please see:http://www.tuitravelplc.com/tui/pages/media/press?ref=196&dtype=2


Summary

  • Good Q1 performance driven by demand for differentiated product.
  • Total revenue up 6% to £2,694m.
  • Organic revenue up 10%, driven by higher volumes.
  • Underlying operating loss improved by £23m to £84m.
  • Improved trading performance across most source markets.
  • Good turnaround progress in the quarter.
  • Integration now complete and £200m of merger synergies delivered.
  • Egypt and Tunisia situation could impact the Q2 result by £25m to £30m.

Peter Long, Chief Executive of TUI Travel commented:

“The improvement in the first quarter result was primarily driven by continued delivery of our turnaround plan and final merger synergy benefits, as well as a better trading performance.

We are closely monitoring events in Egypt and Tunisia and the safety of our customers is our primary consideration. Early indications are that customers are choosing to rebook to alternative destinations and we are taking action to remix our programmes in line with customer demand.

The progress in the first quarter represents an encouraging start to 2011 and the forward booking position is good. We remain cautious, however, given the current economic and geopolitical uncertainty”.

Please click on the link below to read the full announcement

First Quarter Results for the Three Months Ended 31 December 2010 and Interim Management Statement (32KB PDF)