Results round-up
Geopolitics and a spate of violent attacks in parts of Europe hit Tui Group's revenues in the third quarter but the travel group was still confident of hitting its full year targets and said it was pleased with the start to early trading for the winter season and Summer 2017.
Shares in Tui were up to pre-referendum levels on the release of the results, rising 4.6% to 1,059p just after 0900 BST on Thursday.
Turnover of €4.6bn in the three months to 30 June was down 5.7% on the same period, and while missing some analyst forecasts not as bad as some feared, while earnings before interest, tax and amortisation (EBITA) rose 1.1% to €180m.
With the source market programme 87% sold to date, sales were down only 2.1% if excluding the currency impacts, while also excluding Easter timing actually improved by €25m.
UK trading was said to have remained strong, with no apparent slowdown in bookings as a result of the EU referendum, with the reduction in group turnover driven by lower demand in holidays to Germany, Nordics and Belgium due to geopolitical events as well as the earlier timing of Easter.
Old Mutual posted its interim results for the six months to 30 June on Thursday, amid a managed separation into four different entities.
The FTSE 100 firm said the macro-environment had been challenging, with a weaker South African rand against the first half of 2015 and lower average market levels.
Pre-tax adjusted operating profit was £708m for the period, down 9% in constant currencies or down 22% in reported currency.
Old Mutual’s IFRS pre-tax profit was £608m, down from £683m.
AOP earnings per share of 8p were down 11% in constant currencies and 22% in reported currency.
The company’s first interim dividend was 2.67p, with its second interim dividend expected to be in the mid to upper end of the cover range of 2.5 to 3.5 times AOP.
Its adjusted net asset value was reported at 193.3p per share, up from 178.9p per share, which Old Mutual’s board put down to a strengthened rand and dollar from year-end levels.