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Greece's latest tourism industry news by Greek Travel Pages (gtp)

TUI Group Turnover Up by 1.4%, Aiming Higher

Hannover-based travel services provider TUI Group recorded improved turnover in the 2015/16 financial year by 1.4 percent at 17.76 billion euros, higher year-on-year and an operating result of 1.001 billion euros (against 953 million euros a year before) – excluding specialist holiday unit Travelopia, the sale of which is expected to be finalized in the first half of its financial year, the company said last week.

The world’s largest leisure, travel and tourism company continued to focus on its core business, invest in growth markets and deliver considerable earnings growth in 2015-2016. The group managed to outperform despite geopolitical challenges and macroeconomic crises.

“TUI is in good shape, the course is set for growth. We are in a strong position in Europe, continue our expansion, in particular in Mexico and the Caribbean, and seek to benefit from the growth momentum in other parts of the world, where more people are discovering leisure travel,” said TUI Group CEO Fritz Joussen.

“Thanks to the global strength of the TUI brand, it offers great potential internationally. We invest in hotels and cruises with their strong growth and margin potential, and consistently continue TUI’s transformation initiated in 2014.”

Joussen added that TUI’s 2014 move from tour operator and distributor to  designer, developer and operator of holiday concepts, hotels and cruise vessels, was paying off.

“These areas offer higher margins than the mere trading business,” he said.

“This transformation will create a new TUI: exceptional holiday experiences for our guests, value for our shareholders, and internationally attractive prospects for our people in more than 100 countries.”

In tourism, growth was driven by TUI UK & Ireland, Western Region and the Hotels & Resorts and Cruises segments, delivering significant growth in earnings. At the same time, the company’s cruises segment also remains a growth driver.

Meanwhile, comprised of over 50 brands offering specialist luxury, adventure and education holidays, the sale of Travelopia – launched in September – is expected to reach 500-600 million euros.

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