The travel company Tui ended the financial year in deep red: The company made a loss of more than three billion euros. The group’s hope is now on the corona vaccinations.
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The crashed bookings in the Corona crisis pushed the world’s largest travel company Tui deep into the red last year. In the end there was a loss of more than 3.1 billion euros, after a profit of around 416 million euros in 2018/2019. The turnover of the company supported with state aid collapsed from 18.9 billion to last 7.9 billion euros, as Tui announced on Thursday when it presented its business figures.
Looking ahead, the management was more optimistic: There is “light at the end of the tunnel, and the prospects for tourism and for Tui are good”. After a “transitional year” in 2021, the Hanoverians expect that the level from the time before the pandemic can be reached again in 2022.
CEO Fritz Joussen said: “The prospect of vaccinations from the beginning of the year will significantly increase the demand for summer holidays in 2021.” However, he does not yet trust himself to make a more precise forecast for the new financial year.
Tui competitors also have financial problems
The 2019/2020 financial year (until the end of September) was shaped by the corona consequences for Tui – as for almost all companies in the industry. After the program was almost completely suspended during the first wave in spring, business started hesitantly over the summer.
In the autumn, however, the uncertainty grew again due to new travel warnings for many countries. State and capital aid are intended to save the Tui Group from financial collapse – similar to Lufthansa or its competitor FTI.