Holiday giant Tui has more than halved its losses over the past six months as it hailed a strong recovery in customer demand for the summer.
The company reported a profit loss of 614.5 million euros for the six-month period ended March 31, after a loss of 1.3 billion euros in the same period last year.
It told shareholders it could return it to profitability by the end of the year.
Tui expects a “strong” summer and has already reached 85 per cent of summer 2019 booking levels before feeling the severe impact of the pandemic.
The latest quarter was “improved significantly” as the easing of pandemic restrictions helped boost bookings.
The tour group said its UK branch “continues to lead” in summer bookings, which are currently up 11 per cent from summer 2019 levels.
After two years of crisis, we expect Tui to become profitable again in the current financial year with a clearly positive adjusted EBIT (earnings before interest and taxes).Fritz Joussen, Tui boss
Tui expects total bookings for the summer to “almost” reach 2019 levels.
It’s been spurred by holidaymakers booking “more at short notice” and also spending more money on each trip, the company said.
Meanwhile, revenue for the past six months rose more than five-fold to €4.5 billion compared to the same period last year when the company was still struggling with Covid-19 restrictions.
Tui CEO Fritz Joussen said: “The high demand for travel and the very good business development confirm our forecasts.
“2022 will be a good financial year. The capacity is almost reaching the pre-corona level of 2019.
“After two years of crisis, we expect Tui to become profitable again in the current financial year with a clearly positive adjusted EBIT (earnings before interest and taxes).
“This is the basis for new growth.”
https://www.independent.ie/life/travel/travel-news/tui-cheers-strong-summer-with-bookings-already-at-85pc-of-2019-levels-41638115.html Tui is hailing a strong summer with bookings already at 85 percent of 2019 levels