TUI Group expects to take £21 million hit on Rhodes wildfires
TUI Group posted a quarterly profit but is warning of a big hit due to the Rhodes wildfires.
The impact of the wildfires could cost over £20 million.
This represents costs on customer compensation, repatriation flights and other associated costs.
It evacuated more than 8,000 customers.
For the first time since the beginning of the pandemic, TUI posted a quarterly operating profit.
All segments showed a positive performance, it said.
Growth sector Hotels & Resorts reported earnings above pre-pandemic levels for the fifth consecutive quarter.
Additionally, this is the first quarterly report that no longer includes government funding.
The underlying Q3 profit was €169.4 million.
TUI CEO Sebastian Ebel said: “Summer 2023 is going very well and demand for holidays remains high.”
“The Mediterranean remains the most sought-after destination for summer holidays.”
“The wildfires dampened temporarily the previously strong development but overall it will be a very good travel summer.”
In April to June 2023, there was high demand for holidays with 5.5 million guests.
Holiday Experiences, Hotels & Resorts, Cruises and TUI Musement all recorded a strong operating performance.
The Cruises sector recorded its fifth positive quarter since the start of the pandemic.
Rhodes accounts for around 5% of the TUI Group’s summer programme, while about 80% of TUI guests spend their holidays in the unaffected north of the island.
Learn more about : TUI ( United Kingdom )
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