TUI bullish on summer as bookings jump

Reuters Videos
3 年前

The world's biggest holiday company is feeling a bit more bullish.

TUI Group said Thursday (August 12) that summer bookings had jumped by 1.5 million since May.

It's now feeling confident about demand for the rest of its key season.

And that should ease pressure on finances that have been hammered by the global travel slump.

TUI has taken out loans of around 4 billion euros, or about $4.7 billion, and been bailed out multiple times by the German government.

Now it says a recovery is under way, with 4.2 million bookings made for the summer.

Over the March-June quarter the firm still made a loss, though cash flow turned positive for the first time since the crisis began.

However, TUI is still feeling pain over the slow removal of travel restrictions in the UK - one of its biggest markets.

Partly as a result it's capped its summer capacity at 60% of 2019 levels - down from the 75% it had targeted earlier.

TUI shares rose as much as 3.5% in early trades on Thursday.