KUONI Group’s corporate restructuring last October, which centred on creating three distinct operating units within the company, is yielding substantial returns.
Kuoni’s finances improved significantly in the 2011 financial year, which the company attributed to its new global focus and stronger results from its tour operating business in Asia. Turnover rose by 28 per cent to CHF5.1 billion (US$5.6 billion), while net profit jumped to CHF 33.3 million from CHF23.2 million previously.
Kuoni’s latest acquisition, GTA Travel, has proven a strategic coup, driving its Destinations Division (Kuoni Destination Management) to attain 12.6 per cent organic growth.
VFS Global, the group’s visa facilitation services arm, continues to undergo robust expansion. By the end of the 2011 financial year, turnover jumped by 13 per cent and operating earnings (EIBT) hiked by 15 per cent.
In a press statement, Peter Rothwell, CEO of Kuoni Group predicted a rosy outlook for 2012. “Kuoni today is a larger and better positioned company than it was a year ago,” he said.
Meanwhile, Kuoni remains focused on expanding its business operations in Asia. In line with this aim, the group has proposed the appointment of South Korean Jay Hyun (Jay) Lee, an expert in Internet-based consumer businesses in Asia, to its board of directors.
Dutchman Adrianus (Adriaan) Nühn, who specialises in marketing and distribution for the consumer goods industry, has also been proposed for appointment to the Kuoni board.
Wolfgang Beeser, vice chairman of the board of directors of Kuoni Group, is due to step down on April 17.
