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Tui AG on Wednesday reported a swing to a third quarter profit as revenue growth outpaced costs, driven by more people going on holidays. The Hanover, Germany-based holiday operator said pretax profit in the three months to June 30 was €47.0 million, swung from a loss of €161.6 million a year prior. Revenue grew 19% to €5.29 billion from €.4.43 billion. Cost of sales increased 16% to €5.02 billion from €4.31 billion, while administrative expenses were 34% higher at €253.1 million compared to €189.6 million. Looking ahead, the company reiterated its expectations for a ‘strong summer’, with bookings totalling 12.5 million square metres for the season, up 6% annually from summer 2022. Bookings are close to pre-pandemic levels at 95%, compared to 90% a year ago. Tui shares were 0.9% higher at 586.75 pence each on Wednesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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