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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.
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