TUI Group narrows losses in first half of year

TUI Group narrows losses in first half of year

TUI Group increased its turnover by 7.2 per cent, to €6.81 billion, in the six months to March 31st.

On a constant currency basis, the group posted growth of 8.5 per cent to €6.89 billion.

The seasonal underlying EBITA loss at the company was improved by 26 per cent, to €158.6 million, including several one-off effects.

Last year TUI lost €214.3 million in the period.

Apart from the foreign exchange translation impact and the Easter effect (earlier timing of Easter in 2018), the group incurred costs in the wake of the insolvency of the Niki airline and recorded gains on disposal from sales of RIU hotels in the period under review.

“We continue to deliver growth, all trends remain intact, and our very good trading performance for summer 2018 fully matches our expectations.

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“At growth of 26 per in our operating result and seven per cent in turnover, TUI Group concludes the first half of financial year 2018 with a very strong set of results, and we reiterate our full-year guidance,” said TUI Group chief executive Fritz Joussen.

Presenting the results on board the new Mein Schiff 1 cruise ship in Hamburg, he added: “The very good earnings growth of 26 per cent in the first half of 2018 is driven by the continued strong demand for our holiday experiences.

“We offer the right products in the market: TUI hotel brands such as RIU, Robinson and TUI Blue and in particular TUI Cruises’ Mein Schiff fleet are setting standards around the globe.

“Forecasts for cruising are excellent.

“German and European holidaymakers are beginning to embrace this way to travel.”