TUI Travel Full-Year Profit Rises

TUI Travel PLC

posted a gain in its underlying operating profit for fiscal year 2014. TUI Travel's underlying operating profit for the year surged to 612 million pounds ($960.5 million), from GBP589 million, in the year-ago period. Its revenue fell to GBP14.62 billion from GBP15.05 billion. On a statutory basis, its pretax profit climbed to GBP362 million from GBP169 million for the year. Its underlying pre-tax profit jumped to 475 million pounds from 461 million pounds. Full-year statutory earnings per share gained to 16.3 pence versus restated 4.6 pence, while EPS on an underlying basis came in at 27.7 pence. Average selling prices increased by 2%. Peter Long, Chief Executive of TUI Travel PLC, commented: "We have delivered another year of out-performance against our growth roadmap achieving an underlying operating profit growth of 11% at constant currency rates2. This demonstrates the strength and resilience of our business model in what has been a competitive trading environment for many tour operators and airlines. The combination of our market leadership position, scale, focus on unique holidays distributed increasingly online and our relationship with the customer throughout their whole holiday experience continues to provide a strong basis for sustainable, profitable growth.”