Profits down at Tui Travel

<p>Tui Travel has seen its profits fall.</p>

Profits are down at Tui Travel, which owns brands such as Thomson and First Choice.

The firm's latest financial results revealed that its pre-tax profit for the year was £181 million, a drop of ten per cent on the previous 12 months.

However, it was not all bad news for the company as it announced revenue rose by four per cent to £15.1 billion. Excluding one-off costs, pre-tax profit was shown to be up 21 per cent.

Chief executive Peter Long stated that the firm is on track to meet its long-term growth targets and described the last 12 months as being "outstanding" for the company.

Tui Travel has recently gone through a major restructuring in a bid to cut its costs.

"Now that this review is complete we are confident of delivering underlying annualised profit growth of eight to ten per cent," it said.

Following the release of the figures, the share price of Tui Travel is up slightly in the early stages of today's (December 10th) trading. At 08:21 GMT, its stocks were trading 0.81 per cent higher.

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