TUI AG (TUI) appears to have ignored the basic principle that its financial reports should be written in a language which is understandable by a good number of its shareholders. At least the tables are clear in the third quarter interim report which shows turnover down by 5.7%, net profit up by 116.4% and like for like earnings per share rising by 140%.
9 months figures show turnover down 0.9%, net profit down by 70.1% and earnings per share by 77.1%. Trading for this summer is expected to be in line but winter bookings are already up by 8% on top of which, average selling prices have been increased by 5%.
The reasons for what it describes as a good 3rd quarter performance are given as;
Becoming more “content centric”, having a balanced portfolio of “desti-nations”, being well positioned to deal with changes in the geopolitical and macro economic environment (presumably getting tourists back into geopolitical areas like Turkey and north Africa “), having selective control of all stages in the value chain and a vertically integrated resilient model which is delivering merger synergies.
That is really going to be difficult to beat when it comes to the year end Obfuscation Prize.
What is wrong with plain old fashioned basic English. It might even attract more shareholders to what seems to be a fairly successful company with tight management.
Page Group PAGE is pleased with its half year performance to the 30th June but is well aware of the uncertainties in the UK caused by Brexit. Profit before tax rose by 16%, basic earnings per share by 18.7% and revenue by 8.6%. The interim dividend is being increased by 4.2% in addition to which a special dividend of 6.46p per share is also to be paid.
Cineworld CINE saw first half growth in admissions, box office revenue and retail sales and strong growth in ROW ( Rest Of The World) Group revenue rose by 6.8%, and EBITDA by 7.2%. Despite that, profit before tax fell by 34.6% and profit after tax by 33.9%, one of the main causes being currency movements which hit it with an adverse swing of £15m. compared to half 1 2015. The interim dividend is to be increased by 4% to 5.2p per share.