The TUI travel group has significantly increased its operating profit in the last quarter thanks to the high demand in the south of Gran Canaria ahead of the winter of 2024, largely due to the bankruptcy of FTI, the owner of Labranda Hotels. The market share, according to sector sources, would directly or indirectly be around 63% of the business when in the period before Covid19 it was 55%.
From April to June, adjusted profit before taxes grew by 37% to reach 232 million euros, the company announced this Wednesday. This is double-digit quarterly growth for the eighth consecutive time, explained CEO Sebastian Ebel. "We are growing profitably. We are delivering on what we advertise."
Bookings in the current summer quarter, in which the tour operator is making its biggest profits, are six percent higher than the previous year, with prices three percent higher. TUI Germany recorded even ten percent more bookings after Germany's third largest supplier disappeared from the market at the beginning of June following the bankruptcy of its competitor FTI. The group's turnover increased by ten percent to reach 5.800 billion euros. TUI confirmed its annual forecast of at least ten percent growth in turnover and an increase in operating profit of at least 25 percent.
