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Published on Wednesday, December 11, 2019

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.

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