Newly-merged TUI posts a loss

Adam Hignett
TRAVEL giant TUI Group has delivered its first results since its creation by merger last December, but is yet to turn an overall profit.

The company merged its London-listed TUI Travel and German majority owner TUI AG last December to cut down on overlapping functions.

The result created a travel company with annual sales of over €18bn. Overall revenue increased five per cent to €3.5bn during the first quarter, compared to the previous year and underlying pre tax losses came in at €108m, smaller than the €141m loss the year before.

The travel group saw its underlying operating profit soar by 15 per cent in the first quarter on the back of strong results in its hotel and cruises divisions.

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