TUI facing headwinds

Tui Travel chief executive Peter Long put a brave face on half-year results to end-March, and there were some encouraging signs from the tour operator, notably higher load factors and better margins on UK sales. But the broader picture remains tough and, while the business is usually loss making in the first half, underlying operating losses widened from £307m to £317m. More importantly, the outlook for the summer season, when TUI makes all its profit, is beset with uncertainties: higher costs, consumers tightening their belts and a number of holiday destinations off limits all justify management's predictably cautious stance.

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