Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 05 10T061017Z 1 LYNXMPEJ4906Q RTROPTP 4 AIR BERLIN TUI - Business Express

TUI sees summer travel demand ‘significantly’ lifting 2023 profit

TUI sees summer travel demand ‘significantly’ lifting 2023 profit

By Joanna Plucinska

LONDON (Reuters) -German travel firm TUI said it expects strong revenue and higher profit in 2023 on the back of a jump in summer bookings, despite the risk of travel disruption triggered by strikes.

Airlines such as Lufthansa, easyJet and Ryanair have all pointed to robust summer bookings, showing consumers prioritising travel spend despite high inflation and an uncertain economic outlook.

Bookings for the summer have jumped 13% compared with the same period last year and reached 96% of bookings in the summer of 2019, the last summer before COVID-19 restrictions hit. Average prices for summer trips are up 5% over last year.

“It will be a strong summer and a good financial year 2023 with a significantly higher operating result,” CEO Sebastian Ebel said in a statement.

Many European carriers are wary of potential strikes, particularly by air traffic controllers in France, as they fear further delays akin to last summer, where much of the continent was impacted by travel disruptions.

TUI has invested a “double-digit million” amount to increase its resilience in the face of strikes, Ebel told a media call, with more focus put on standby aircrafts.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

He added that “it’s annoying because our numbers would’ve been better” if the company hadn’t had to implement these costly measures.

The company’s shares were down around 3% at 0800 GMT.

TUI repaid state financial aid in full earlier this year and reported a narrower quarterly underlying earnings before interest and tax (EBIT) loss of 242 million euros ($266.39 million), up 88 million over last year.

With fewer people normally travelling in the first three months of the year, the results for TUI’s second financial quarter are usually expected to be weaker.

($1 = 0.9084 euros)

(Reporting by Joanna Plucinska, Editing by Sonali Paul and Elaine Hardcastle)


Recent Post: