CRAWLEY (dpa-AFX) - TUI Travel Plc (TT.L) posted first-half pre-tax loss of 457 million pounds, wider than 366 million pounds last year.
Underlying loss before tax was 367 million pounds versus loss of 364 million pounds in the same period last year.
The group reported an underlying operating loss of 317 million pounds versus loss of 307 million pounds a year ago. This was due to lower than expected demand for North African destinations and Thailand where bookings in the Nordics were adversely impacted by the flooding in and around Bangkok.
Loss attributable to equity holders was 288 million pounds or 26.0 pence per share versus a loss of 276 million pounds or 24.9 pence per share in the prior-year period.
Group revenue grew 5% to 5.45 billion pounds from 5.21 billion pounds last year, driven by organic growth of 4% and foreign currency translation and acquisitions of 1%. Organic revenue growth was driven by higher volumes and average selling prices in many source markets.
Peter Long, Chief Executive of TUI Travel PLC, commented,
'We are pleased with our overall performance for the first half. The UK delivered a strong Winter performance which attests to our focus on differentiated and exclusive product and being online driven - key elements of our modern mainstream strategy. Our outperformance in this market is continuing into the Summer season and we will ensure that we continue to optimise our position...
'Given the challenging economic environment, we remain cautious, however, overall trading performance continues to be in line with the Board's expectations.'
The Board recommended an interim dividend per ordinary share of 3.4 pence, up from last year, payable to holders of relevant shares on the register at 7 September 2012. This will be paid on 3 October 2012.
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© 2012 AFX News
