Holiday group TUI sees first-half losses narrow

Losses at Thomson owner Tui narrowed in the first half of the year, with the company saying British bookings remained “resilient” despite Brexit.

Europe’s biggest tour operator posted a group loss of €308.6 million in the six months to March 31, an improvement on the negative €394.9m return in the same period last year.

Revenue rose 3.3% to €6.38 billion, with CEO Fritz Joussen again pointing to a “challenging environment”.

Tui added: “In the UK, despite the backdrop of Brexit, demand for our holidays remains resilient with the percentage of the programme sold in line with prior year.”

The firm said current trading shows an 8% rise in UK revenue, with 65% of programmes sold.

The firm expects a 10% increase in underlying earnings for the full year.

However, in line with other tour operators, the First Choice owner said demand for travel to Turkey and North Africa is lower.

“Whilst the turbulent macroeconomic and geopolitical backdrop is evident in certain destinations and markets, our operational experience, integrated model and balanced portfolio of markets and destinations mean that we are well placed to deal with these challenges and continue to deliver sustainable growth into the longer term,” the group said.

Picture: PA. Holiday group TUI owns Thomson and First Choice.