Cruise and Hotel Bookings Boost Tui Profits for Fourth Year – BBC

A rise in hotel and cruise bookings has helped European travel group Tui sail through another year with more than 10% growth in profits.

It said next year, profits would grow a similar amount as customers also bought more excursions and holiday activities.

Tui has seen double-digit growth for the last four years.

Last month, smaller UK rival Thomas Cook reported a loss of £163m, blaming warmer summer weather for lower numbers of bookings.

“Our own holiday experiences content accounts for more than 70% of our earnings: hotels, cruises, excursions and destination activities. This enables us to clearly differentiate ourselves from the competition,” said Fritz Joussen, Tui’s chief executive.

Tui Group posted a 10.9% rise in annual earnings, just ahead of analysts’ forecasts. The share price rose 5.5% following the news.

Tui said the “challenging market”, including uncertainty from Brexit and tough competition between airlines, had squeezed consumer spending. Earnings were nearly 15% lower for the group’s tour operator and airline business. 

Click here to read complete article at BBC.