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.
Fritz Joussen has taken over as sole chief executive of TUI Group following the company’s annual general meeting in Hanover, Germany. Upon the close of the meeting, the term of office of Peter Long as join chief expired. Long was elected as new member of the supervisory board of TUI AG.
TUI Group has delivered a first quarter loss for financial 2015/16, though figures show an improvement versus financial year 2014/15. On a constant currency basis, underlying EBITA improved by 7.2 per cent to a seasonal loss of €97.3 million euros, compared to losses last year of €104.8 million in the reporting period from October to December. However, including the impact of foreign exchange translation effects, losses rose by three per cent to €101.7 million.
TUI Group has formally signed a five-year contract with gategroup through its Gate Retail Onboard subsidiary that focuses solely on inflight retail, to be its single source supplier for inflight retail for all five tour operator airlines of TUI Group. The scope of the contract includes on-board sales of food and beverage, duty free articles as well as pre-order sales in the UK and the Nordics.
The TUI Group has outperformed its earnings guidance for the full financial year. “The first year following the restructuring of the TUI Group was completed with a very strong set of results,” said Fritz Joussen, chief executive TUI Group. The operating result (underlying EBITA) climbed by 22.9 per cent to 1.069 billion euros (previous year €870 million). It amounted to €1.004 billion on a constant currency basis, up 15.4 per cent.
TUI UK&I has announced Helen Caron and Jeremy Osborne will join the UK board with immediate effect. Jeremy Osborne, digital director, has been appointed to board director of strategic innovation and business change, a newly created function designed to drive strategy and manage all business change activity.
The TUI Group launches its international ‘One Brand’ campaign today. By 2017, all major European tour operator brands will be rebranded with the TUI master brand. Today’s rebranding of the Dutch subsidiary Arke will mark the start of the process, with the rebranding of all travel agencies and the launch of the new TUI website.
Frank Rosenberger will take over as head of strategy of the TUI Group with effect from October 1st. In that role he will also be a member of the group executive committee of the TUI Group. The 47-year-old will move to Hanover from his current position at the Vodafone Group, where he served as group technology products and services director since 2011.
TUI Group has seen its underlying EBITA improve by 18.6 per cent in the three months from April to June 2015, increasing to €194.2 million. The operating result includes foreign exchange translation effects and the impact of the Easter business, which did not fall fully into the quarter under review in this calendar year. Excluding these effects, underlying EBITA totalled €185 million, a strong increase of 13 per cent year-on-year.
The board of TUI Deutschland has appointed Sebastian Ebel as the new chief executive of the company with immediate effect. In adopting the resolution regarding the change at the helm of the company, the supervisory board followed the wish of the previous chief executive Christian Clemens, who will now pass his responsibilities into new hands six months earlier than originally planned.
Royal Mail has revealed the appointment of Peter Long as a non-executive director and chairman designate. Long is presently joint chief executive of TUI AG, but is expected to relinquish that role early next year. He will join the board of Royal Mail on June 18th as a non-executive director and will stand for election at the company’s annual general meeting on July 23rd.
TUI Group has confirmed it will migrate to a single brand across all its markets, in effect signalling the end of Thomson and First Choice. The companies have been mainstays of the UK holiday market for a generation. In a call to analysts TUI Group chief executive Peter Long said the migration to the TUI brand would take place over several years.