TUI shares soar on profit and outlook
Shares of Europe’s biggest travel operator TUI have jumped after strong demand led its profit to more than double this year. IGTV financial analyst @AngelineOng looks at why it could be 'plane' sailing for TUI in 2024.
(Video Transcript)
Travel demand sees TUI earning more than double
Now, TUI shares soaring as we speak up around 12% here, as you can see on the IG platform. This move largely after TUI forecast that its operating profit would rise 25% this year.
Now, Europe's biggest travel operator saw its earnings more than double in 2023 due to strong demand for holidays, cruises, and hotel stays.
TUI revenue hits €20.7bn
Underlying operating profit reached €977 million, and revenues coming in at €20.7 billion, exceeding the level seen in 2019. Now, TUI also said that bookings for the current winter season and next summer gave it confidence that operating profit would grow by at least 25% in this financial year.
Just showing you the chart before we go: TUI trading at a four-month high, it is up some 11.9%, almost 12%.
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