Thomson and First Choice profits beat Thomas Cook results

TUI Travel: UK performance helped boost annual profits to £390m
TUI Travel: UK performance helped boost annual profits to £390m

Thomson and First Choice owner TUI Travel has reported an 8% jump in pre-tax profits to £390m with an "outstanding performance" in the UK, a week after rival Thomas Cook posted £483m in losses.

TUI Travel said today's results showed a "record year of profit" for the year to 30 September, with strong summer 2013 bookings already in the UK, Nordics and Germany, including a significant growth in profitable market share in the UK.

Peter Long, chief executive of TUI Travel, said the company achieved outstanding results against a backdrop of "continued economic uncertainty".

Announcing the next stage in the company’s strategic development, he said: "This roadmap for growth, built on our detailed understanding of the market and robust business models, means that we are well placed to continue to deliver long-term sustainable growth, which in turn, will drive further value for both our shareholders and customers."

TUI is expected to launch multimillion-pound marketing campaigns for its Thomson and First Choice brands at the end of the year, while rival Thomas Cook is currently finalising plans for its post-Christmas push.

Last week, Marketing revealed Thomas Cook had shelved its planned post-Christmas campaign without a solid replacement lined up, although the operator claims it will be spending £5m on its end-of-year push.

Thomas Cook last week reported pre-tax losses of £485.3m for the year to the end of September, up from £398.2m in 2011.

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