TUI Travel moves closer to profit as bookings fall

Holiday company TUI travel has seen its losses moderate in the nine months to 30 June, as pre-tax losses drop from £454m to £369m (release).

Bookings declined in Germany and France during the period, by five per cent and 22 per cent respectively. These drags saw total mainstream bookings fall by two per cent.

Peter Long, chief executive of TUI Travel, commented:

Our strategy of offering our customers unique holiday experiences continues to drive sustainable growth. Our strong brands and market leadership position are fundamental in achieving this strategy. As we progress towards the end of the high-season, 84% of our Summer 2013 programme is now sold.

Given our current position we remain very confident of achieving full year underlying operating profit growth of at least 10% on a constant currency basis.