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Tui losses double as the company looks to Mumsnet for salvation

https://www.mirror.co.uk/money/tui-losses-double-company-looks-13986896
See More From: mirror.co.uk   ( Top Stories )

Feb 12, 2019 2:23 AM 2+ mon ago

Tui losses double as heatwave and weak pound take toll

Holiday giant Tui has had a tough few months, and is now looking to new places to return to profit

Holiday giant Tui has reported underlying losses more than doubling to EUR83.6 million (-L-73.3 million) in its first quarter after an "unusually long and hot summer" across Northern Europe took its toll.

The company saw three main reasons for the drop: the extraordinarily hot weather in 2018, resulting in later bookings and weaker margins; a shift in demand from the Western to Eastern Mediterranean, which has created overcapacities in destinations such as the Canaries, resulting in lower margins; and continued weakness of the pound, making it difficult to improve margins on holidays sold to UK customers.

Emma-Lou Montgomery, associate director from Fidelity Personal Investing, said: "Brexit uncertainty, the weak pound and ...

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