12th Aug 2021 09:29
(Alliance News) - Holiday operator Tui AG on Friday reported encouraging interim trading results as sales rebounded amid an unleashing of pent up customer demand for travel.
Revenue for the third quarter ended June 30 was EUR649.7 million, up sharply from EUR71.8 million in the badly affected prior year.
A strong pipeline of 4.2 million customers had booked for this year's summer season, equivalent to 60% of the pre-pandemic 2019 level. The increase of 1.5 million bookings compared to three months prior was driven by good momentum from continental European markets, Tui noted.
Shares in the Hanover, Germany-based business were up 2.8% to 341.85 pence each in London on Thursday morning.
Tui posted a pretax loss for the third quarter of EUR846.9 million, narrowed from EUR1.52 billion a year previously. The three-month year-to-date total pretax loss was EUR2.39 billion, widened from EUR2.37 billion the year before although some of this period was before the pandemic.
Net debt at the end of June was EUR6.35 billion, slimmed from EUR6.81 billion on March 31. Tui said it has EUR3.1 billion in available liquidity.
Looking ahead towards the post-summer period, the company was upbeat in its outlook: "We see good demand for our winter long-haul programme and early sales for summer 2022 are ahead of pre-Covid-19 levels, supported by re-bookings and strong booking retention.
"We see continued customer appetite and intention to travel for future seasons," Tui said in a statement.
Summer bookings were up 120% year-on-year, Tui stated, ahead of pre-Covid.
The stock was up 2.5% at 340.69 pence early Thursday in London.
By Will Paige; [email protected]
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