PRESS DIGESTS - British Business press - Aug 15

The Times

HOLIDAYS AT HOME? NOT FOR OUR SUN-SEEKERS, SAYS TUI

Peter Long, the chief executive of TUI (TT.L), the UK's largest travel company, thinks reports that Britons were holidaying at home because of their finances are a myth.

Mr Long said: "Our customers are telling us their main summer holiday is sacrosanct. We see no evidence that consumers are trading down or curtailing their holiday plans."

The company revealed sales were up five per cent on last year, and the average selling price was up 13 per cent, aided by a four per cent cut in capacity.

DROP IN SALES AT BELLWAY IS OFFSET BY MORE SOCIAL HOUSING

On Thursday, Bellway (BWY.L) added more gloom to the housing market when it revealed that reservations had plunged by roughly 45 per cent for the second half of the financial year, compared with the same period last time.

John Watson, chief executive, said: "Most of next year is going to be very difficult. We will batten down the hatches and try to keep going on the current overhead but if things get worse we will have to cut more jobs." The company's shares fell 3.9 per cent to reach 555 pence.

RETAILING

J Sainsbury (SBRY.L) is set to launch its range of TU homewares to a further six superstores. The move is to be made ahead of a relaunch of the supermarket chain's non-food business in the coming weeks.

The 1,700-strong product range includes cushions, bed linen and towels.

The Daily Telegraph

DELOITTE PROFITS SURGE ON DEBT CONSULTANTS DEMAND

Deloitte & Touche [DLTE.UL], the business advisory firm, escaped the downturn in the financial services sector thanks to growth in demand for debt, risk and restructuring consultants.

The British partnership under the global Deloitte Touche Tohmatsu umbrella, announced its results for the year to May.

Its pre-tax profits jumped 16 per cent to reach 654 million pounds, with revenues up 11.5 per cent at 2.01 billion pounds. John Connolly, Deloitte Global chairman and UK chief executive and senior partner, said: "Whilst boom-time M&A work has tailed off, growth was buoyed by debt, forensic and restructuring work."