Tui first-half revenue up and expects busy summer as demand picks up

Archived article

Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.

Tui AG on Wednesday said revenue surged by half, as its loss narrowed during the first half of the year.

The Hanover, Germany-based holiday operator reported revenue in the first half to March 31 of €6.90 billion, up 54% from €4.50 billion a year ago. The increase was due to strong travel demand as Covid-19 curbs unwind, the company said.

Tui said its pretax loss narrowed to €648.8 million from €871.0 million a year ago.

In the second quarter alone, revenue improved 48% to €3.15 billion from €2.13 billion. Its pretax loss narrowed to €376.3 million from €466.5 million.

Looking to the second half, the company said it expects summer 2023 capacity to be close to the normalised, pre-Covid levels of summer 2019.

‘In the UK, which is currently 64% sold, bookings are in line with the prior season and up 10% versus pre-pandemic levels again,’ Tui said.

Tui shares fell 4.2% to 539.00 pence each in London on Wednesday. The stock had surged 5.9% on Tuesday, however.

Copyright 2023 Alliance News Ltd. All Rights Reserved.