SWISS travel group Kuoni saw profits plunge during 2014 as the company blamed “the challenging market environment” for the decline.
The company has been through significant restructuring in the past year, making a shock announcement in January that it would be selling off its tour operating and UK businesses.
At the time, the firm said it was going to “focus the company’s activities on its core business as a service provider to the global travel industry and to governments”.
Kuoni’s turnover remained broadly flat at 5.5bn Swiss francs (£3.7bn) during 2014. However, pre-tax profit declined by 12 per cent to 90m Swiss francs.
The company said it was well placed in 2015 to capitalise on attractive growth prospects in Asia, the Middle East and Africa, a result of those regions’ “ever-expanding middle classes”.
Kuoni said it aimed to grow in excess of the predicted 3.8 per cent industry average in 2015-2017.