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An inexorable appetite for travel has increased profits by Europethe largest holiday company, Tui.
The Anglo-German firm earned €1.3bn (£1.07bn) in the full year to end September 2024, one third more than the previous year.
The number of passengers increased by 7 percent to 20.3 million. The company says: “Demand remained strong throughout the year in a highly competitive environment, with overall customer numbers and higher prices.”
Tui CEO Sebastian Ebel said: “We delivered on what we promised – 2024 was a very good year for us.
“In what remains a challenging market environment, the entire Tui team has demonstrated that we have the right strategy, the right business model and the right people, working for our guests every day with dedication, creativity and passion.”
Tui’s cruise operation – marked as Marella for UK tourists – has “very strong occupancy and strong daily rate growth,” Mr. Ebel said.
The company sees customers moving to cheaper destinations, including Bulgaria, Egypt and Tunisia.
Mr Ebel said: “The Canary Islands are full at the moment”. Guests from US and Asia contribute to the existing demand of Europeans.
The company is increasing its activities in Latin America, Africa and Asia. “This reduces our regional dependence on Europe at a time when the European economy is growing little or not at all,” says Tui.
Tui has just started selling Ryanair flights as part of its city break programme. “The first two days have been extremely good,” Mr. Ebel said. The company has long offered flights on easyJet to support its package holidays business.
For the new financial year, the company anticipates an increase in revenue of 5 to 10 percent. Profits are expected to rise between 7 and 10 percent, “particularly supported by expectations for summer 2025.”