Nuance ends Cayman partnership, announces stable group revenue

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The group focuses on its core business after a very slight decline in 2003 revenue

The Nuance Group has ended its Cayman Islands retail business after divesting its 51% stake in the company. The move is in line with Nuance's strategy of focusing on airport retail, and follows a stable year for the group, with 2003 revenue down just SFr33m ($26.6m) on the previous year's to SFr1,683m ($1,357).

Nuance said that openings at Rome and Turin airports and the renewal of contracts at Zurich, Hong Kong and Toronto airports had contributed to the group's stability during a tough year. It added that it expected the travel-retail recovery to continue in 2004.

The decision to cease its Cayman operation sees Nuance's local partner Island Companies take full control of the business, which is driven by cruise passengers and achieved sales of SFr64m ($51.6m) in 2003.