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.
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