TUI Expects Strong Summer Bookings On Increased Travel Momentum - TUI (OTC:TUIFF)

Tour operator TUI AG TUIFF reported a 58% year-on-year increase in Q1 revenue to €3.8 billion.
The company had 3.3 million guests travelling with it in Q1, a 43.5% jump from last year.
TUI's underlying EBIT loss nearly halved to €(153) million from a loss of €(274) million last year.
"Our strategy is clear: quality, cost discipline and market share. New products, additional customers, and as a result, more market share and above-average growth are the basis for future increases in revenue and earnings," said CEO Sebastian Ebel.
"Swift implementation of the strategy is having an effect, booking dynamics for Summer 2023 are encouraging. Both strengthen our expectations: underlying earnings to increase significantly in full year 2023."
The company said it had 8.7 million bookings for current Winter and Summer 2023, with the latest booking figures for the last four weeks above pre-crisis levels with higher average prices.
In the previous financial year, the TUI Group began repaying the first financial aid granted by the state during the pandemic.
TUI reached an agreement with the Economic Stabilization Fund (WSF) in December on the conditions for a full repayment of the remaining WSF aid.
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