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Profits up at Kuoni

Profits up at Kuoni

Travel giant Kuoni Group – considered Europe’s Leading Tour Operator by the World Travel Awards - has reported a 27 per cent increase rise in profits before interest and taxes for 2011.

Swiss-based Kunoi recorded profits of CHF74 million for the year on a turnover of CHF5.1 billion, itself a year-on-year increase of 28 per cent.

Underlying profit at the group was higher, at CHF169 million. This excludes costs associated with the acquisition of Gullivers Travel Associates in May 2011.

Chief executive, Peter Rothwell, said the group had “significantly strengthened its position as a global travel services provider in two areas with great growth potential: Asia and destination management activities”.

Rothwell has recently ruled out a move for the assets of stricken British tour operator Thomas Cook.

Rothwell told Frankfurter Allgemeine Zeitung either there would be too few cost benefits or the regulatory hurdles would be too high.

Thomas Cook is working on a restructuring after turning to its banks twice for a rescue last year.