Wednesday, 07 May 2008
Last year’s merger between Thomson and First Choice, resulting in the creation of Tui Travel, has cut first-quarter losses for Tui as a result of the deal and seen turnover rise by 24% to €5.1 billion (£4bn).TUI Chief executive Michael Frenzel confirmed that strong bookings for 2008 showed that holidaymakers are, as yet, unaffected by the credit crunch, with tourism sales up by 38% in the first three months of the year to approximately €3.6 billion.
At Tui’s 49th Annual General Meeting, it was also announced that underlying losses shrank from €248m to €196m. This represents a year-on-year increase of 21%. The growth has been put down to the consolidation of the former First Choice activities.
TUI AG is to publish the full report of its first quarter of 2008 on Thursday May 15.
