Europe’s biggest holiday company, Tui, has reported much stronger results for its first financial quarter – though it says that many bookings are “very short term”.
The Anglo-German giant reported five times higher revenue for the months from October to December 2021, from €468m (£395m) to €2.37bn (£2bn).
The quarterly loss fell by 60 per cent to €274m (£232m), representing £100 for each of the 2.3 million customers who travelled with Tui in the quarter.
The Omicron variant was “a short-term dampener,” the company said.
The UK, as well as Denmark, is said to be “leading the way”.
Average winter prices are 15 per cent higher than in the last “normal” season, 2018/19.
Average selling prices for summer 2022 are 22 per cent higher than pre-pandemic levels.
The chief executive of the Anglo-German company, Fritz Joussen, said: “We expect a strong summer 2022.
“There is pent-up demand among customers. We see this in all European source markets.
“The last two financial quarters have shown that the Group continues to stabilise.
“The path out of the pandemic is becoming increasingly clear. “Every step towards normality gives people confidence, and the demand for holidays increases immediately.
“Despite the still ongoing trend towards very short-term bookings, we see the strong demand for the upcoming summer 2022.”
Tui also reported that it is handing back €700m (£597m) in state aid.
“Tui has used the time to transform: we are leaner and more efficient today and are becoming more profitable than before the crisis,” said Mr Joussen.
“On this basis, we will push ahead with the repayment of the state aid granted and the focus on new growth.”