Switzerland's largest travel group, Kuoni, has reported recorded figures for 1999, with profit increasing by 13.7 per cent to reach SFr117.3 million.

Switzerland's largest travel group, Kuoni, has reported recorded figures for 1999, with profit increasing by 13.7 per cent to reach SFr117.3 million. The group, which saw turnover grow more than 20 per cent to SFr3.5 million, says it is looking to the future with optimism because booking levels in key markets are all pointing up.

Kuoni said on Tuesday that to further expand the basis for future development, a number of plans were being put to shareholders, including a capital increase at nominal value. The move roughly equals a stock split by ten, with the share capital rising from the current SFr16 million to SFr160 million. One of the aims is to make the share price (currently hovering well above SFr8,000) more attractive to investors.

"The market does not look kindly on the shares being at such a high price level," a company statement said. It added that the core tour operating business succeeded in making strong gains in a highly competitive environment, in particular in package holidays.

The past financial year was dominated by the failed merger project with First Choice and by the "outstanding" performance of the Kuoni group. As for the subsidiary companies, the charter airline Edelweiss Air continued to "soar ahead" and the rail holidays specialist Railtour Suisse was again able to report "outstanding results".

Kuoni said it had made a successful start to the new financial year. "In the domestic market of Switzerland, holiday brochures came out early and the newly-launched discount scheme for early bookings had a positive impact on booking behaviour," the statement said.

"In other key markets, such as Britain, France and Italy, booking levels are all pointing up," it added.

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