Kuoni UK saw its margin decline last year despite an
increase in turnover of 12.5%.

The Swiss-listed company this morning revealed UK turnover in 2004
increased to £331 million. Margins declined slightly, but the
financial report did not reveal further details.

The operator maintained an EBITA margin of 10.2%.

In 2003, Kuoni UK’s EBITA profit of £34.3m was made on
turnover of £319m, giving it margins of 10.3%.

Group turnover increased by 8.7% to £1,612,70. Group profit
margin declined from 24.85 in 2003 to 22.9%.

The group said it is “confident of favourable business trends for
the year” despite booking volumes to March 13 2005 being 2% on last
year.

It blamed last December’s tsunami in south-east Asia for the
fall but claimed “business is recovering week by week”.