Tourism - Travel enthusiasm and higher prices bring Tui record sales
The return of the desire to travel after the corona pandemic has brought the world's largest travel group Tui back into the black in the past financial year. In the twelve months to the end of September, shareholders received a surplus of 306 million euros after a loss of 277 million a year earlier, as the company announced in Hanover.
Thanks in part to higher travel prices, turnover rose by a quarter to a record 20.7 billion euros, while operating profit adjusted for special items (adjusted EBIT) soared from 409 million to 977 million euros. In the new financial year to the end of September 2024, CEO Sebastian Ebel aims to increase sales by at least ten percent and adjusted operating profit by at least a quarter.
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- The record sales of TUI during the financial year were largely attributed to the resurgence of wanderlust among people following the Coronavirus pandemic, leading to higher prices in Hanover, Lower Saxony, Germany.
- As a result of the increased tourism and price hikes, TUI reported a remarkable turnover of 20.7 billion euros during the financial year, setting a new record.
- Despite the success achieved in the past financial year, TUI's CEO, Sebastian Ebel, has set ambitious targets for the upcoming financial year, aiming to boost sales by at least 10% and achieve an adjusted operating profit increase of at least 25%.
- The news of TUI's record sales and financial year goals reached Germany and was widely covered by media outlets, including Stern, based in Hanover, Lower Saxony.
- Amidst TUI's ongoing success, it remains unclear how the economic impact of the Coronavirus and potential subsequent waves may disrupt future tourism and turnover in Germany and Lower Saxony.
Source: www.stern.de
