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Thomsonfly costs hit TUI half year figures
Start-up costs of Thomsonfly led to a 10.6% increase in seasonal losses at TUI’s Northern Europe division – which includes TUI UK – in the first half of the year.
Figures released by the German travel and shipping group show a first half divisional loss of 73 million euros for the six month period based on turnover up 2.7% to 2.12 billion euros.
TUI said: “The 10.6% year-on-year decline was primarily attributable to the full-year inclusion of the figures for Thomsonfly.”
The budget airline, which started flying in April last year, incurred losses in the first half of 2005 “owing to seasonal reasons” and as a result of start-up costs from Bournemouth and Doncaster airports.
TUI’s Northern Europe division saw profits for the second quarter slightly up by one million euros to 32 million euros based on turnover up marginally to 1.23 billion euros, with customer numbers rising by 3.8% to 1.95 million. Customer numbers for the first half of the year were up by 5.5% to 3.13 million.
The TUI group reported turnover for the summer season up by 8% year-on-year.
A statement said: “So far bookings for the 2005 summer season have – in some cases significantly – exceeded last year’s level in all source markets.”
Overall bookings were up 15.7% at the end of July, with turnover rising by 8.2%
TUI AG chairman Michael Frenzel said: “If this trend continues, we believe that a low double-digit percentage increase in earnings will be possible for the tourism division for the 2005 financial year.
“We have placed TUI on two strong cornerstones, tourism and shipping. Thus we operate in two growth markets which have excellent medium-term prospects. Therefore we expect a further increase in the group’s earning power.”
Report by Phil Davies
Phil Davies
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