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TUI FY17 profit climbs

Staff Writer |
Tour operator TUI reported that its fiscal 2017 earnings before tax surged 74.6 percent to 1.08 billion euros from last year's 618 million euros.

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This included 172 million euros gain on the disposal of remaining shares in Hapag-Lloyd.

Underlying earnings per share were 1.14 euros, compared to 0.86 euro last year.

Underlying EBITA grew 10.2 percent to 1.102 billion euros from prior year's 1.001 billion euros.

Turnover was 18.54 billion euros, up 8.1 percent from 17.15 billion euros a year ago. Turnover grew 11.7 percent at constant exchange rates.

Further, the company said its Board proposed a dividend of 0.65 euro per share.

Looking ahead, the company said it continues to expect to deliver double digit annual earnings growth with less seasonality, strong cash conversion and strong ROIC performance.

Trading for future seasons is progressing well overall.

The company expects to deliver at least 10% growth in underlying EBITA and around 3 percent growth in turnover in FY18 and extend previous guidance of at least 10% underlying EBITA CAGR to FY20.

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