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TUI summer bookings sink 83% as pandemic weighs

By BFN News | 07:21 AM | Tuesday 22 September, 2020


Travel company TUI said summer bookings in its markets and airlines business were down 83% as the Covid-19 crisis continues to hurt travel markets. The company said the division had restarted operations from mid-June and had since carried 1.4m customers on holiday, achieving an average load factor of 84% based on adjusted capacity. TUI said the slump in summer bookings equated to 15% sold of its original programme, reflecting the impact of cancellations from mid-March, versus 97% sold at the same point last year. Rebased on its adjusted capacity plans, it was 82% sold to date, influenced by the current later booking trend. The winter 2020-21 programme, meanwhile, had been further reduced by around 20% since the company's third-quarter update to about 40% adjusted capacity, reflecting the current uncertainty relating to travel restrictions. For summer 2021, the company said it expected to operate 80% adjusted capacity in line with a view shared at its third-quarter results. In the hotels and restaurants business, meanwhile, TUI said it had reopened 157 hotels, or about 44% of its portfolio, by the end of August. In cruises, both TUI Cruises and Hapag-Lloyd Cruises had restarted itineraries offering short, European cruises from the end of July. Three out of the company's seven-ship fleet were operated by TUI Cruises during the final quarter of the financial year, while Hapag-Lloyd Cruises operated three out of its five-ship fleet during the last quarter, offering similar short, European cruises. Story provided by StockMarketWire.com

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