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Tui boss Sebastian Ebel said the firm was “very well positioned for strong growth in 2023,” despite some customers likely to be thinking twice about taking a break because of the bills crisis.<\/p>\n
Tui announced revenues quadrupled in the year to the end of September, to £14.2billion. They doubled to £6.5billion over the summer, when it had 7.6 million holidaymakers, back to 93 percent of pre-pandemic levels.<\/p>\n
And the group swung from annual loss of £1.78billion to a profit of £351million.<\/p>\n
The group said it only started operating in a relatively normal environment in recent months due to late lifting of Covid restrictions, the impact of the war on Ukraine, and significant airport disruption over the summer.<\/p>\n
But winter bookings in the UK are up five percent on 2019 figures – though people are leaving it later to book given the economic uncertainty.<\/p>\n
Mr Ebel said: “After two-and-a-half very challenging years in the wake of the global Covid-19 pandemic, the past financial year was marked by a recovery of our business.” He set out plans for “profitable growth” – including by expanding to new destinations such as Zanzibar and Senegal.<\/p>\n
Anglo-German Tui also announced plans to repay £730million of pandemic state aid to Berlin.<\/p>\n
Russ Mould, investment director at broker AJ Bell, said: “There were things to celebrate in travel operator Tui’s full-year numbers – notably a return to profit and a massive rebound in revenue.<\/p>\n
Bookings are up on pre-pandemic levels and a big increase in prices will help cushion the impact on Tui of rising input costs. The question is whether this pricing power lasts.<\/p>\n
“In 2022 holidaymakers have been willing to pay what it takes to get away for the first time in what feels like an age.<\/p>\n
“If prices move too high then affordability becomes an issue.”<\/p>\n