Rise in British bookings helps Thomson owner Tui reduce losses
LOSSES at Thomson owner Tui narrowed in the first quarter, helped by another healthy rise in British bookings.
The travel giant said its net loss for the period came in at €81.6 million (£69 million), an improvement compared to last year's €138.7 million (£117 million).
Tui said its Northern region division - which includes Britain, Ireland, the Nordics, Canada and Russia - benefited from a "strong trading performance in source market UK & Ireland, with volumes currently up more than 10 per cent year-on-year".
Growth was driven by long haul and cruise bookings, Tui added, with total revenue rising 2.3 per cent to €3.2 billion.
Tui chief executive Fritz Joussen said: "The transformation of our business as an integrated tourism business based on own hotel and cruise brands, initiated in 2014, is really paying off.
"This has been demonstrated by the very good performance delivered in the completed financial year and has been confirmed."
However, in line with other tour operators, Tui said demand for travel to Turkey and North Africa is lower.
The group was also impacted by high levels of staff sickness at its Tui fly Germany unit.
On Monday, Tui flogged British travel brand Travelopia to private equity giant KKR for £325 million.