That tourism in the south of Gran Canaria can have a high occupancy is a product of the financial mirage in which TUI has put the entire sector in order to capture the support of the banks to avoid the bleeding of the group. This September it became known that it has turned to the old First Choice brand TUI UK to be an online provider of individual trips for the youngest. This is the third repositioning in just a few years.
This Tuesday, September 19, TUI has to put the short-term income forecasts in black and white. It turned a profit in the third quarter following a rebound in travel and prices, although advance bookings remain a source of anxiety for investors. An impact of €25 million is expected due to the summer fires in Rhodes and prices have led to a year-on-year increase in turnover of 19%.
TUI still had a debt of 2.200 billion euros as of June 30. Although this is a €1.100 billion year-on-year improvement, stakeholders will remain interested in recording progress on this front. It expects to see a 20,5% increase in turnover for the fiscal year, with an EBITDA improvement of more than 49%. The tour operator noted in August that its travel season could change and start earlier, in spring, and end in autumn, as climate change affects tourist habits. The company could introduce insurance for its customers traveling to destinations that may be affected by climate change-related phenomena, such as forest fires. The group said it had reduced its net debt by €1.100 billion to €2.200 billion.
The world's largest tour operator said underlying earnings before interest and taxes rose to 169 million euros ($185 million) in the quarter ended June 30, its first profitable early summer quarter since the pandemic and surpassing analysts' forecasts of a result of 145 million euros. TUI figures showed, however, that consumer demand growth in the UK was cooling.
