Half Year Results 

Tui reiterates guidance - but at what cost?

Tui reiterates guidance - but at what cost?

Investors in the European travel industry can usually get a half-decent steer on how the holiday season is shaping up by early spring, so the latest data from trade body Airports Council International showing global passenger numbers regaining momentum after a slow start to 2018 will not have gone unnoticed. There are signs that positive momentum is returning to Tui (TUI), too. Half-year figures for the travel heavyweight revealed an adjusted operating loss of €159m (£139m), a sizeable reduction from the €230m loss reported at the same point in 2017. Leaving aside the vagaries of foreign-exchange translations, returns for the 2018 half-year were helped by an earlier Easter and a €38m gain on the disposal of three Riu hotels, offset by costs incurred in the wake of the insolvency of the Niki airline.

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