NICK BATRAM PEEL HUNT
Trading is broadly as expected and on the whole reassuring. However, we do feel the risk in the lates market remains high. Also, despite £0.7bn of restructuring and integration costs over the past four years, margin progression remains stubbornly slow.
WYN ELLIS NUMIS
TUI Travel posted a strong finish to the winter season and there is evidence of significant outperformance in the UK market. We remain confident of our bull case scenario under which continued growth in differentiated products and controlled distribution outstrips margin pressure in commodity products. usiness.
MARK BRUMBY LANGTON CAPITAL
TUI has reinforced comments made by Thomas Cook yesterday. It confirmed that its differentiated product is performing well and added it has outperformed the market, that is Thomas Cook, over winter 2011/12. It concludes it is trading in line with expectations and changes to forecasts are unlikely.