TUI Group remains on a growth path, of sorts, continuing its positive performance in the first half of financial year 2015/16 with a year-on-year increase in its result.

In the period under review, the underlying operating result showed a typical seasonal loss of €236.9 million, down 16.3 per cent year-on-year.

On a constant currency basis and excluding the benefit from the earlier timing of Easter, the typical seasonal loss was reduced by 13.5 per cent to €245.0 million.

Turnover by TUI Group grew by 2.7 per cent to €6.79 billion within the same period (previous year €6.61 billion).

Fritz Joussen, chief executive, TUI Group commented: “Step by step, we continue to grow, invest and expand our position as the world’s number one tourism group.

“Having delivered the best result in the history of our company in 2014/15, we have also started off very well into the current financial year 2015/16.

“Undoubtedly, we operated in a challenging market environment in the first half of the year.

“Nevertheless, we managed to deliver continued turnover and earnings growth.

“Our integrated business model and the strong focus on our hotel and cruise content have proven to be the right strategy and have made us resilient.”

Joussen stressed that the group remained focussed on delivering its growth strategy and alignment as a vertically integrated tourism group.

The successful disposal of Hotelbeds Group in the first half of the financial year marked a major step towards this goal.

“Our future is to be a Group focussed fully on tourism. We will continue to sharpen this profile”, said Joussen at the presentation of the first-half results in London.

The disposal of the Specialist Group portfolio is intended to happen in one transaction with the exception of two brands.

Crystal Ski and Thomson Lakes & Mountains will not be sold and instead they will be transferred to the business in the UK and Ireland with immediate effect.

Both Crystal Ski and Thomson Lakes & Mountains have strong synergies and vertical integration with the core Tourism business.

Both companies play an important role in utilising our British aircraft fleet in particular during the winter months, and therefore create synergy potential that other specialist businesses do not have.