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TUI Group Q1 revenue up 15%
TUI Group kicked off the new financial year with a strong operating performance.
It carried 3.5 million guests in Q1 2024 (October to December 2023), driving a 15% increase in group revenue to €4.3 billion.
For the first time, underlying EBIT was a positive at €6 million in the quarter.
This is normally a negative due to seasonal factors.
Overall, TUI benefited from the strong demand for travel with higher prices.
TUI CEO Sebastian Ebel said: “We remain on course, the measures we have introduced are taking effect.”
“People’s willingness to travel is still high, despite a market environment that remains challenging.”
In the Holiday Experiences segment, Hotels & Resorts recorded an increase in underlying EBIT of 26.6% to €90.7 million from October to December 2023 continuing successful quarters with earnings above pre-Covid levels.
Hotel occupancy climbed by 3% to 78%.
The Cruises division had another positive result. Underlying EBIT improved significantly thanks to significantly higher average rates, up 17%.
TUI Musement increased the number of experiences sold by 16% .
The number of transfers also rose by 9% to 5.4 million in the quarter.
TUI is bullish on 2024 despite geopolitical uncertainties, particularly in the Middle East.
It expects year-on-year revenue growth of at least 10%.
The group’s shareholders are today deciding whether to delist TUI shares from the London Stock Exchange and instead seek a simplified listing and inclusion in the MDAX in Frankfurt.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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