Following an extremely challenging two years for the travel industry, TUI has seen its revenues quadruple this year with summer bookings almost returning to 2019 pre-pandemic levels.
The company reported revenues of 16.55 billion euros (£14.24 billion) in the year to September 30, up from 4.73 billion (£4.07 billion) the previous year.
It also returned to profit, reporting underlying pre-tax earnings of 409 million euros (£352 million), surging upwards from heavy losses of 2.08 billion euros (£1.79 billion) suffered this time last year.
In its fourth quarter, guest numbers reached 7.4 million – 93% of the level reported in the same period in 2019.
TUI Chief Executive Sebastian Ebel said: “People are more cautious where they spend their money. We are finding that people tend to make a decision on the budgets they have.
“So, if £1,000 is not enough anymore to go to Spain, then they go to Turkey. Or if they decide in winter not to go to the Dominican Republic, then they go to Egypt.
“We will see more normality compared to last year, where there was a strong increase in duration and a strong increase in star ranking.
“After Covid, people wanted to go on longer holidays and stay in a five-star rather than a four-star hotel. So here, we do expect a normalisation to times pre-Covid.”
