Travel demand remains resilient in Q2 2024: TUI achieves record revenue of 3.6bn euros

22.05.2024 - 12:00 / traveldailynews.com / Sebastian Ebel / Theodore Koumelis

2.8 million guests travelled on holiday with TUI in the reporting period, 14 per cent more than in the previous year – the average load factor of 93 per cent was at the same high level as in the previous year.

TUI continues to expect a good year as a whole and, after six months, can also look back on a strong second quarter of the financial year: TUI successfully closed the second quarter of the financial year 2024 due to people’s continued high willingness to travel. With 2.8 million guests in the reporting period, the tourism group achieved a record turnover of 3.6 billion euros, an increase of 16 per cent year-on-year (Q2 2023: 3.2 billion euros). The Hotels & Resorts and Cruises segments achieved record results and ensured that underlying Group EBIT improved significantly to -189 million euros in the typically weaker second quarter of the financial year.

TUI Group CEO Sebastian Ebel said: “Travelling is very popular with people. We see trends that will further strengthen this in the future: experiences are becoming more important than possessions, and the middle classes are growing in many parts of the world. The first two quarters of the financial year were very successful in operational terms. It clearly demonstrates the resilience of our business model and strategy and emphasises our strength in growing profitably in a dynamic market environment. We are seeing high demand for package holidays, in particular, which we are producing more and more flexibly and dynamically and which continue to offer the highest level of protection for our customers. 80 per cent of our package holiday guests use our app, which we are developing into a fully comprehensive travel companion. The digital services go hand in hand with our successful bricks-and-mortar sales organisation, which continues to play an important role. Travel agencies stand for high-quality advice, service quality and higher contribution margins. The significant increase in guests’ willingness to recommend TUI to others and the high customer satisfaction ratings in the first six months of the financial year show that we are on the right track. We therefore continue to pursue our goals with determination and implement them consistently. The transformation of the segments remains a central component of our strategy and will show its positive effects in the coming quarters and financial years. TUI’s international market position will also be further expanded. We are aware of the ongoing challenges in the geopolitical environment and confirm our expectations for the full year. We aim to increase revenue by at least 10 per cent and underlying operating earnings by at least 25 per cent.”

2.8 million guests travelled with TUI in the second quarter of