German Travel Group TUI Books Record Year For Sales

The world's largest tourism operator TUI said Wednesday it had seen record sales on the back of a strong 2023 summer season and signalled confidence for the coming year.

The German group booked a net profit of 305.8 million euros ($330 million) in its last financial year, which ran from October 2022 to September 2023, TUI said in a statement.

The figure was more or less on a par with its results before the spread of the coronavirus pandemic in 2020, when heavy restrictions on international travel weighed heavily on the economy and especially the tourism sector.

The return to form came on the back of record sales totalling 20.7 billion euros, a 25-percent increase on the previous year.

TUI, which offers everything from hotel stays to cruises and charter flights, welcomed 19.1 million guests over the course of the year, up from 16.7 million the previous year.

The group also saw its operating profit more than double to 977.2 million euros, from 408.7 million euros.

The group is confident about the current business year, targeting a 25-percent increase in its operating profit.

Bookings for the upcoming winter holiday season in the northern hemisphere were up 11 percent year on year, with the prices for package holidays up five percent.

"The current booking trend lead(s) us to expect a further improvement in 2024," TUI CEO Sebastian Ebel said.

The TUI group suffered record losses in 2020 and 2021 when the travel sector was pummelled by coronavirus restrictions.

TUI received state aid from the German government to help it through the crisis, which it paid off in full in April.