First profit after tax in five years
Group revenue of £7,834 million, up 1.1%
Underlying EBIT of £310 million, up 11%
Profit after tax of £19 million, an increase of £177 million
Significantly stronger balance sheet with extended maturities and new enlarged banking facilities
Dividend expected to be paid in early 2017 in respect of FY16 earnings
New financial targets for the period to FY18
Customers responding to our differentiated holiday offering
Traded well overall despite external headwinds
Strong performance in our UK business which increased underlying EBIT by 42% to £119 million
Northern Europe and Airlines Germany grew underlying EBIT by 23% and 19% respectively
Underlying EBIT in Continental Europe declined by 21% due to more competitive environment; actions taken to restore profitable growth
Encouraging start to next year with strong Winter 15/16 trading in the UK and Northern Europe
Renewed focus on customer excellence to drive long-term growth through New Operating Model
Increasing investment in customer service and rolling out 24-hour hotel satisfaction promise
Introduced customer satisfaction as core KPI to drive loyalty and recommendations
Focusing on growing our sales of differentiated holidays and building appeal of own-brand hotels
Improving online and retail experience to give customers access whenever and however they want
Building a strong partnership with Fosun: Chinese joint venture and Club Med co-operation on track; hotel investment fund progressing, with benefits now expected over the medium term
