Switzerland's leading tour operator, Kuoni, has reported a 17 per cent increase in net profits to SFr136.3 ($135 million) last year.

The company said the result was above the market average and came despite pressure on business margins.

Sales, which grew 15 per cent to SFr4.7 billion, were boosted by beneficial conditions and a favourable economic climate, according to a company statement.

Kuoni is cautiously optimistic for the current year as booking levels in the tour operating business were 12 per cent up in the first three months compared with 2007.

Kuoni is still looking for a successor to its chief executive, Armin Meier, who stepped down last year.

The group made a number of acquisitions in Europe as well as in emerging markets and boosted its position in the premium and specialist travel market.

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