14th Dec 2022 09:02
(Alliance News) - Tui AG on Wednesday said it anticipates year-round holiday locations to remain attractive destinations for customers going into the winter period, boasting a more optimistic outlook on reduced Covid-19 restrictions.
For the twelve months ended September 30, the Hanover-based holiday operator posted a pretax loss of EUR146 million, narrowed from a loss of EUR2.46 billion a year prior.
Rrevenue multiplied to EUR16.55 billion from EUR4.73 billion after Covid-19 travel restrictions were lifted.
Tui said expects to operate its Winter 2022-23 programme at close to pre-pandemic levels. The winter programme is 54% sold, which means bookings are at 134% of last year and 84% of 2018-19 levels. The firm added: "We expect year-round destinations such as the Canaries, the Caribbean and Cape Verde to remain key winter destinations for both our markets & airlines and third-party customers, with our diversified and integrated model delivering clear advantages in the current environment."
The company said it is closely monitoring the impact of the war in Ukraine and market uncertainties amid inflationary pressures on energy and exchange rate volatility.
Meanwhile, Tui reduced its net debt as of September 30 to EUR3.44 billion from EUR4.95 billion a year before.
Tui shares fell 6.8% to 137.65 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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