TUI: annual forecasts confirmed on record quarter

(CercleFinance.com) - European tourism giant TUI has confirmed its annual forecast on Wednesday after enjoying "record" business in the quarter to the end of June, thanks to strong demand and firm pricing.


The German group reported a 9% increase in sales to E5.8bn in Q3, i.e. April-June.

EBIT posted its eighth consecutive quarter of double-digit growth, up 28.9% to E226.1m.

Overall, financial analysts hailed the company's quarterly results as "solid" and "ahead of expectations".

TUI points out that it has already sold out 88% of its summer program, compared with 87% for the same period last year.

TUI confirms that it is targeting at least 10% sales growth for FY 2023/2024, to end-September, with at least 25% growth in annual recurring profit (Ebit).

Following this publication, the share was up almost 3% on Wednesday morning on the Frankfurt Stock Exchange, although is still down over 21% YTD.


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