Tui expects profits to bounce back to £1 billion mark this year
Gary NoakesA strong close to summer 2024 means Tui Group is set for a profit increase of “at least” 25% this year.
Tui is 97% sold for summer 2024 in the UK, with bookings up 5% on last year.
In a trading update, Tui said summer 2024 bookings across all its markets were up 6% versus 2023, with prices up 3%. Winter sales are up 7% with prices 5% ahead.
Tui said it had taken 14.7 million summer bookings across all markets, with increased prices helping to offset inflation. It said Spain, Greece and Turkey were the most sought after destinations across all markets.
Tui’s financial year ends on 30 September, with results revealed on 11 December. The operator’s confident outlook means profits for the current financial year will break the billion euro mark.
Last year, Tui Group made €977 million, with this year set to be around €1.22 billion – just over £1 billion.
The operator described winter sales as “promising”, with 1.8 million bookings so far. The programme is 33% sold, up one point on last year, with the Canaries, Egypt and Cape Verde proving popular.
It added: “In the UK, which has been on sale for the longest period, bookings are in line with the high levels of the prior winter season. Here, 40% of the programme has been sold.”
This year, group cruise capacity rose 12% following the addition of a new ship for the German market, making 17 in total. Available cruise days rose 12%, but occupancy of 102% was maintained, with average rates up 2%.
Looking ahead, Tui has hedged more than 90% of its euro, dollar and fuel requirements until summer 2025.
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Gary Noakes
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