Tui to return €700 million in Covid state aid next month

Tui Group chief executive Fritz Joussen said the provision of temporary aid, even to a "very healthy" company like Tui, was "important and right" after Covid "almost completely deprived" the firm of its ability to generate new revenue.

"Thanks to the credit lines from the German federal government and from the private banks and the contribution of our shareholders, we have steered Tui safely through its most serious crisis," said Joussen.

"We are on course and the trends are intact. People want to travel, we see the demand in bookings and expect a good summer 2022. The company is leaner, more digital and more efficient after the pandemic and transformation."

Joussen added Tui had stopped using cash from state credit lines in recent weeks, stressing the process of returning the support was "another important step towards normality" that would "refocus Tui for growth".