Last checked at 
(Alliance News) - Tui AG on Wednesday reported a swing to a third quarter profit as revenue growth outpaced costs, driven by more people going on holidays.
The Hanover, Germany-based holiday operator said pretax profit in the three months to June 30 was EUR47.0 million, swung from a loss of EUR161.6 million a year prior.
Revenue grew 19% to EUR5.29 billion from EUR.4.43 billion. Cost of sales increased 16% to EUR5.02 billion from EUR4.31 billion, while administrative expenses were 34% higher at EUR253.1 million compared to EUR189.6 million.
Looking ahead, the company reiterated its expectations for a "strong summer", with bookings totalling 12.5 million square metres for the season, up 6% annually from summer 2022. Bookings are close to pre-pandemic levels at 95%, compared to 90% a year ago.
Tui shares were 0.9% higher at 586.75 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.