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TUI: sees strong summer business, shares jump

(CercleFinance.com) - German travel group TUI is on its way back to a "normal company", the management team said on Friday, with the holiday operator expecting a "strong summer business" operationally.


The statement was made in Hanover today by CEO Fritz Joussen and Sebastian Ebel, CFO and designated CEO from 1 October 2022, as the tourism company is gradually repaying the loans from the Covid-19 period.

On 30 June, TUI repaid 671 million euros to Germany's economic stabilisation fund (WSF), thanks to the proceeds from the capital increase in mid-May and from cash funds, the group said.

Due to "very good operating business", the existing and currently undrawn credit lines from German state-owned bank KfW were also reduced from 2.4 to 2.1 billion euros, as previously announced, it added.

The London-listed TUI shares jumped almost 5 per cent after these announcements.

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