TUI reports signs of recovery amid third quarter losses

Published on : Wednesday, August 18, 2021


TUI Group recently reported a loss of €670 million for the third quarter of the year. However, the company has now resumed business activities in all European markets, with positive cashflow for the period. Fritz Joussen, Chief Executive, TUI said that the brand has a strong business model that has helped it remain successful also guarantees the successful restart.

He mentioned that customer demand and booking momentum were high as soon as state travel restrictions were withdrawn. He said that TUI is very successful when the state gives back normal entrepreneurial freedom but when states intervene and restrict entrepreneurial freedom, it impact bookings.

He said that with one and a half million additional bookings since May and a total of more than four million bookings for the summer business, the figures are encouraging. He shared that the current booking figures showed a high pent-up demand in Germany and in the continental European markets. He also added that he expected the bumper summer figures to become clearer in the fourth-quarter results.

Joussen called for further loosening of travel restrictions and said that Europe has vaccination offers for everyone who wants to be vaccinated. He mentioned that severe disease progressions do not increase noticeably, and the health systems are not overburdened anywhere in Europe.

He also urged that those who are not or hardly at risk should now have their liberties fully restored as vaccinated people are protected and are no longer a significant risk to others. He mentioned that whether one gets vaccinated or not is and remains a personal decision but a few should not be allowed to permanently set the pace and restrict the everyday life of the majority.

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