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TUI UK helps trim Q1 losses
TUI’s Northern Europe division – including TUI UK – saw first quarter losses cut by 26% to Euro 94 million.
The division’s turnover rose by more than 16% year-on-year to Euro 848 million, attributed to increased prices being achieved in the UK and a realignment of businesses in Scandinanvia.
Overall, the German group cut pre-tax losses in the three months by 26.6% to Euro 185 million – traditionally a loss-making period in tour operating.
TUI revealed that it incurred losses of Euro 20 million through its new low cast carriers Hapag-Lloyd Express and Thomsonfly, which it said was “in line with expectations”.
The company said it saw improved demand for travel following a number of difficult years, including a “significant upswing” from its biggest market of Germany.
TUI added that it was “confident that in the 2004 financial year earnings in tourism, its core business, will rise substantially year-on-year”.
The group saw winter turnover rise by six per cent, with summer up by 3.3%. Germany and the UK are exceeding expectations, with growth of 3.9% and 6.9% respectively.
Chief executive Michael Frenzel said: “We have sufficient tail wind to steer a successful course again.”
Report by Phil Davies
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