Kuoni unveiled weak 9m 15 results, below consensus and our expectations. One-off impacts of the disposal of the European TO operations and unfavourable FX are behind the loss of CHF293m (from CHF52.5m net profit in 9m 14). Still, Kuoni posted 7.6% sales growth LFL in 9m 15, on the back of robust VFS Global (+26.2%) and GTD (+10.6%) but the strengthening of the Swiss franc was highly penalising (-7.7% impact on 9m 15 sales) as well as the struggling GTS division (-1.1% LFL in 9m 15 sales). Wit
13 Nov 2015
Brand new management and extensive restructuring announced
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Brand new management and extensive restructuring announced
Kuoni unveiled weak 9m 15 results, below consensus and our expectations. One-off impacts of the disposal of the European TO operations and unfavourable FX are behind the loss of CHF293m (from CHF52.5m net profit in 9m 14). Still, Kuoni posted 7.6% sales growth LFL in 9m 15, on the back of robust VFS Global (+26.2%) and GTD (+10.6%) but the strengthening of the Swiss franc was highly penalising (-7.7% impact on 9m 15 sales) as well as the struggling GTS division (-1.1% LFL in 9m 15 sales). Wit