Despite a poor first half, travel and tourism group Cullinan Holdings saw headline earnings increase 194% from R4.972 million to R14.636 million for the year ended September.

Diluted headline earnings per share increased from 0.69 cents to 2.04 cents. Revenue for the year grew from R307.6 million to R406.5 million, growing 15% in the second half after declining 8% in the first six months.

"The group implemented a change in management, midway during the year, in March 2009. The new management team refocused the business by implementing efficiencies in operations, a continued drive to improve service levels and to provide the best value holidays to its customers. The result was a significant improvement in profitability in the second half of the year.

"Profit before tax was down R13 279 million during the first half of the year, and up R16 611 million in the second half of the year. We would like to thank the board, management and our employees for their efforts, commitment and contribution in achieving these improved results. Economic conditions remained challenging throughout the year," the group said.

Among others, Cullian owns Thompsons Touring & Safaris, Hylton Ross Tours, Pentravel, Manex, Cullian Marine, Thompsons Holidays, Thompsons Africa and Planet Africa.

On its prospects, Cullian said: "Whilst economic conditions remain challenging, management changes in March 2009 have improved the dynamics of the business and prospects are positive for the year ahead. The Group plans to continue to focus on growing its business organically and is well placed to benefit from the 2010 World Cup. Efforts will also continue to look for further growth opportunities through acquisition."

Source: I-Net Bridge