Kuoni Group increased its turnover by nearly 27%, to £1.74bn (CHF 2 641 million) during the first half of 2012, despite a difficult economic climate.
Operating earnings before amortisation improved to CHF –9.8 million compared to CHF –19.2 million the previous year.
The group attributed its improved performance to growth in turnover, especially by the Global Travel Services (GTS) Division in Asian markets and VFS Global .
The tour operating business in Outbound Nordic also contributed to the growth in turnover. In contrast, the effects of the European debt crisis depressed the tour operating business elsewhere in Europe.
Kuoni CEO Peter Rothwell said: “Kuoni’s global strategy with its ‘asset-light’ approach, and our strong position in Asia, have been vindicated, especially in the light of the continuing European debt crisis.
“We have been able to achieve organic growth and improve our performance in the first half of 2012, even in this difficult economic environment. In particular, the growth of the Global Travel Services Division and VFS Global is very pleasing.”
With the market environment remaining difficult, operating earnings before amortisation (EBITA) exceeding CHF 130 million and operating earnings (EBIT) above CHF 90 million are expected for the 2012 financial year.