TUI: optimistic for 2019/2020, shares jump
(CercleFinance.com) - Germany's TUI AG said that it is optimistic for its fiscal year 2019/2020 as booking trends have started "exceptionally well," with the UK in particular delivering strong bookings.
The tourism company said that the first quarter of its new financial year, from 1 October 2019 to 31 December 2019, saw improved booking trends for its winter program.
TUI AG's first-quarter underlying EBITA rose to 111.5 million euros from 27.2 million in the same period a year earlier.
As a result, its net loss for the period narrowed to 105.5 million euros, from 112.1 million euros in the previous year.
Should current strong trading trends continue, TUI expects a high single-digit increase in revenues over the current fiscal year, up from a previous guidance of mid-to-high single digit percentage growth.
TUI AG shares are jumping on this news - up 12.4% at 962 pence, largely outperforming a 1% rise in the STOXX Europe 600 Travel & Leisure index.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The tourism company said that the first quarter of its new financial year, from 1 October 2019 to 31 December 2019, saw improved booking trends for its winter program.
TUI AG's first-quarter underlying EBITA rose to 111.5 million euros from 27.2 million in the same period a year earlier.
As a result, its net loss for the period narrowed to 105.5 million euros, from 112.1 million euros in the previous year.
Should current strong trading trends continue, TUI expects a high single-digit increase in revenues over the current fiscal year, up from a previous guidance of mid-to-high single digit percentage growth.
TUI AG shares are jumping on this news - up 12.4% at 962 pence, largely outperforming a 1% rise in the STOXX Europe 600 Travel & Leisure index.
Copyright (c) 2020 CercleFinance.com. All rights reserved.