The Kuoni Group has admitted that its UK division is suffering from “depressed demand” thanks to the “already-advanced economic crisis and the resulting consumer restraint”.
In a financial statement the group announced third quarter turnover has grown by 4%. The UK division is singled out because of its weaker trading.
In contrast, the group’s Scandinavian, Swiss, Asian and destination management units were all described as “prime contributors to the encouraging turnover and earnings rises of the first nine months.”
The strength of these units means the Kuoni Group has seen a 7.4% increase in turnover to £2.064 million in the first nine months of this year while its gross profit has increased by 5.7% to £437 million.
The group has also continued on its growth strategy with the acquisition of Australian Tours Management and the UK-based luxury tour operator Carrier in the third quarter period.
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