Thomson and First Choice owner reports record profit

TUI Travel, owner of the Thomson and First Choice brands, has reported a “record” profit for its last financial year, in stark contrast to the recent difficulties reported by rival Thomas Cook.

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Operating profit increased 18% to £471m in the year to 30 September, driven by sales of “differentiated and exclusive” resorts and holiday packages. Revenue rose 9% to £14.7bn.

Peter Long, chief executive of TUI Travel, says he is pleased with the “robust performance” achieved despite “weak consumer sentiment” in key markets such as the UK.

He adds: “These achievements reflect the strength of our strategy to increase differentiated and exclusive product sales, increase controlled distribution with a focus on online to enhance our customer access and reduce distribution costs….”

TUI Travel will be hoping for a further boost following rival Thomas Cook financial problems, which saw the Going Places owner receive emergency refinancing from banks last week after reporting falling sales.

It has already looked to cash in with an opportunistic campaign for Thomson claiming the brand was a “safe pair of hands” when other holiday companies were experiencing financial problems.

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