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While a lot of attention in the leisure sector this year has been on a resurgent Thomas Cook, TUI, owner of First Choice and Thomson, has been making further progress and in September lifted its full-year guidance, saying it was confident of achieving “at least” 11pc profit growth on a constant currency basis. TUI’s shares have lost some ground since the end of November when one of its biggest shareholders, Norwegian billionaire John Fredriksen, sold his entire 5.4pc stake in the group.