TUI Group caps tumultuous quarter by posting strong results
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
TUI Group has reported impressive financial results in the third quarter, despite the period being overshadowed by the tragic terror attack in Tunisia, which claimed the lives of a significant number of the company’s clients.
While releasing its financial results, the company said supporting families of the victims, customers and employees remained “the highest priority of the Group”. TUI reported that the terror attack cost the company more than £7 million in repatriation costs and cancellations.
Despite this, the company posted a strong performance for the quarter, with underlying EBITA rising by 18.6 percent year-on-year to €194.2m (£138.5m).
Turnover for the group increased 6.4 percent to €5.08 billion, up from €4.78bn a year earlier. Revenue rose 6.9 percent in the first nine months of the financial year to €12.02bn, up from €11.25bn.
Commenting on the results, Fritz Joussen and Peter Long, Joint CEOs of the TUI Group, said: “The third quarter was marked by the tragic event in Tunisia. Supporting our customers, their families and our colleagues through this sad time remains our highest priority. We are very proud of the commitment and dedication our colleagues have shown throughout this unprecedented situation.
“The development of the events in Tunisia, however, also demonstrates the resilience, robustness and flexibility of our integrated business model and our new Group structure. We are able to accelerate our Group’s growth through the successful integration and consistent implementation of our strategy. We are therefore confident that we will deliver underlying EBITA growth at 12.5 to 15 per cent for the full financial year – hence, the upper end of the previously announced target range of 10 to 15 per cent.”
Comments are closed.