How did Kuoni Scandinavia perform in the third quarter of 2008?
SBU Scandinavia (including New Ventures) achieved a further sizeable turnover increase for the third quarter of 2008: the CHF 420 million turnover for the period was 24.3% up on the CHF 338 million of July-to-September 2007. EBIT for the period declined, however, from the CHF 38.3 million of the previous year to CHF 31.6 million.
What about the individual performance of the Scandinavian operations?
Individually, Scandinavian operations in Sweden, Norway and Denmark (excluding New Ventures) generated third-quarter turnover of CHF 382 million, a 13.0% improvement that stems largely from above-average turnover growth in Norway and Denmark. EBIT amounted to CHF 38.8 million, a 6.1% decline which was due largely to the fact that the comparable results for summer 2007 had been substantially boosted by an exceptionally rainy Scandinavian summer that had encouraged outbound travel.
Has Kuoni Scandinavia made any acquisitions in 2008?
Kuoni acquired in Scandinavia the specialist tour operator Golf Plaisir Resebyra AB. The Swedish-based company is currently the biggest independent provider of golf travel products to the Scandinavian market, and specialises in group travel for golfers to Mediterranean destinations and exclusive tailored golfing vacations all over the world.
What brands does Kuoni operate under in the Scandinavian market?
Apollo and Kuoni. While the established Apollo brand is well known as a general provider of beach holidays, especially among younger and more worldly individuals, the Kuoni brand still has a lot of potential. With its unusual tour products and its long-haul beach holiday destinations, Kuoni particularly appeals to the more discerning vacation traveller.
How was the development on the New Ventures side in the third quarter of 2008?
On the New Ventures front, the Shoestring International operation is to be closed down at the end of 2008 after failing to achieve sufficient market penetration. The Russian market also remains very difficult and fiercely contested, putting pressure on the corresponding margins. Action has already been initiated to improve results here.