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(Alliance News) - Tui AG on Wednesday said revenue surged by half, as its loss narrowed during the first half of the year.
The Hanover, Germany-based holiday operator reported revenue in the first half to March 31 of EUR6.90 billion, up 54% from EUR4.50 billion a year ago. The increase was due to strong travel demand as Covid-19 curbs unwind, the company said.
Tui said its pretax loss narrowed to EUR648.8 million from EUR871.0 million a year ago.
In the second quarter alone, revenue improved 48% to EUR3.15 billion from EUR2.13 billion. Its pretax loss narrowed to EUR376.3 million from EUR466.5 million.
Looking to the second half, the company said it expects summer 2023 capacity to be close to the normalised, pre-Covid levels of summer 2019.
"In the UK, which is currently 64% sold, bookings are in line with the prior season and up 10% versus pre-pandemic levels again," Tui said.
Tui shares fell 4.2% to 539.00 pence each in London on Wednesday. The stock had surged 5.9% on Tuesday, however.
By Harvey Dorset, Alliance News reporter
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