Last year the company offloaded businesses in Europe and Asia, including Kuoni UK, which contributed losses totalling £252 million.

Overall the company recorded a total loss of £210 million, compared with a profit of £48 million.

Discounting the impact of the tour operator sales, Kuoni Group’s profits fell by 0.5% to £41 million. Turnover dropped by 0.7% to £2.4 billion.

Kuoni Group is in the process of being taken over by private equity company EQT.

Kuoni UK is now an entirely separate business and is owned by German co-operative Rewe Group.

Despite the deteriorating performance, Kuoni Group’s chief executive Zubin Karkaria is remaining positive.

“The focus on global business-to-business activities in growth markets, initiated in 2015, is developing well,” he said.

“The results are a good starting point for the successful expansion of Kuoni’s leading positions under the intended new ownership of private equity company EQT.”