TUI holiday prices rise as it gains ex-Thomas Cook customers
TUI’s summer 2020 bookings are up 18% in the UK and average rates have risen 3% since the collapse of its biggest and oldest rival, Thomas Cook.
Announcing its 2019 financial results yesterday, TUI said it had ‘experienced a significant number of new customers’ following Thomas Cook’s insolvency.
It said bookings for next summer are still at an early stage, but already a quarter of the UK programme – which is 14% bigger than this summer – has been sold.
For this winter, TUI UK has increased its planned capacity by 2%. Currently winter bookings are 4% ahead year on year and selling prices are up 6%.
TUI Group’s turnover climbed almost 3% to €18.9 billion this year, but underlying pre-tax earnings were down 25.6% to €893 million due to the enforced grounding of its MAX aircraft.
Excluding the MAX groundings, its earnings were in line with last year’s record of €1.19 billion, it said.
Therefore, TUI has forecast an increase in earnings to between €950 million and €1,05 billion in 2020.
"At an operating result of €893 million, TUI Group delivered a successful financial year 2019. Even in a challenging year for the tourism sector, TUI delivered a strong operating performance, a robust balance sheet and growth in its Hotels & Resorts and Cruises core businesses," said CEO Fritz Joussen.
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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