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.
Travel company TUI booked a deeper first-quarter loss as the global vacation market continues to struggle during the pandemic.
Losses for the three months through December amounted to €813.1 million, compared to year-on-year losses of €105.4 million.
Revenue plunged 88% to €468.1 million and underlying earnings before interest and tax amounted to a loss of €698.6 million.
TUI said winter 2020/21 bookings were down 89% as a result of extended travel restrictions across key European markets during November and December.
Summer 2021 bookings, including amendments and voucher rebookings, were down 44% versus summer 2019, chosen as a comparative because it was undistorted by Covid-19, the company said.
TUI added that 2.8 million customers were currently booked for its summer 2021 programme, and that it continued to plan to operate at around 80% capacity of summer 2019 for summer 2021.