TUI chief buys shares following price slide
TUI chief executive Fritz Joussen has bought almost €1 million of shares in the company after the price fell following last week’s profit warning.
Joussen’s purchase of €983,647 of shares was revealed by the London Stock Exchange yesterday afternoon. The price of the shares later slipped a further 2.6%, ending the day at 809.20p.
Almost a third has been wiped off the value of TUI shares since the company issued a profit warning last week. On Tuesday, it revealed its seasonal losses had more than doubled to £75.7 million for the three months to the end of December 2018.
The travel giant has downgraded its profit forecast for the full year, saying that it no longer expects a 10% rise in earnings, instead it expects them to remain flat.
However, Joussen has insisted that the group remains ‘financially strong’.
"The overall trends for our sector are intact. Travel and tourism remain a growth market. Customers continue to travel, but they are currently resistant to increases in price," he said.
"During this consolidation phase in our sector, it is particularly important to adequately participate in market growth. TUI has a good strategic and operational positioning, and the transformation of the Group as a digital platform company is progressing."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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