TUI Travel’s growing holiday sales have helped parent firm Tui AG beat quarterly forecasts and pare losses.
The German firm, which holds 56 per cent of FTSE 100-listed Tui Travel, said yesterday its turnover rose 1.4 per cent on last year to €3.5bn (£3bn), or flat excluding currency changes, in the first financial quarter.
It posted an underlying loss of €141m, four per cent better than a year ago.
Tui AG, which dramatically started and then called off merger talks with Tui Travel last month, said the UK firm had delivered a “sound operating performance”.
Tui Travel reported first-quarter results last week and said more Europeans were booking all-inclusive holidays to make the best use of dwindling incomes.
Yesterday Tui AG said its cruises business was delivering “substantial growth”, with revenues up from €40m last year to €51m, though operating losses widened to €11m due to spending on expansion.