# TUI sees summer travel demand ‘significantly’ lifting 2023 profit Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-05-10 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Summer Travel Demand Boosts TUI Profits in 2023 Meta Description: German travel firm TUI foresees strong revenue and increased profit in 2023 driven by surging summer bookings, despite potential travel disruptions caused by URL: https://financedigest.com/tui-sees-summer-travel-demand-significantly-lifting-2023-profithtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-05-10t061017z1lynxmpej4906qrtroptp4air-berlin-tui-1736814039230-compressed.jpg) # TUI sees summer travel demand ‘significantly’ lifting 2023 profit By Joanna Plucinska LONDON (Reuters) -German travel firm TUI said it expects strong revenue and higher profit in 2023 on the back of a jump in summer bookings, despite the risk of travel disruption triggered by strikes. Airlines such as Lufthansa, easyJet and Ryanair have all pointed to robust summer bookings, showing consumers prioritising travel spend despite high inflation and an uncertain economic outlook. Bookings for the summer have jumped 13% compared with the same [period last year and reached](https://www.financedigest.com/dental-hygiene-devices-market-is-projected-to-reach-usd-5-9-billion-growing-at-a-cagr-of-4-8-during-the-forecast-period-2022-2028.html "Dental Hygiene Devices Market is projected to reach USD 5.9 billion, growing at a CAGR of 4.8% during the forecast period 2022-2028") 96% of bookings in the summer of 2019, the last summer before COVID-19 restrictions hit. Average [prices for summer trips are up 5% over last year](https://www.financedigest.com/suedzucker-expects-to-raise-its-sugar-prices-again-next-year.html "Suedzucker expects to raise its sugar prices again next year"). It will be a strong summer and a good financial year 2023 with a significantly [higher operating](https://www.financedigest.com/uk-pub-operator-wetherspoons-loss-narrows-despite-higher-costs.html "UK pub operator Wetherspoon’s loss narrows despite higher costs") result,” CEO Sebastian Ebel said in a statement. Many European carriers are wary of potential strikes, particularly by air traffic controllers in France, as they fear further delays akin to last summer, where much of the continent was impacted by [travel disruptions](https://www.financedigest.com/factbox-europes-travel-disruption-stretches-into-autumn.html "Factbox-Europe’s travel disruption stretches into autumn"). TUI has [invested a “double-digit million”](https://www.financedigest.com/uk-budget-fashion-chain-primark-to-invest-140-million-stg-in-stores.html "UK budget fashion chain Primark to invest 140 million stg in stores") amount to increase its resilience in the face of strikes, Ebel told a media call, with more focus put on standby aircrafts. He added that “it’s annoying because our numbers would’ve been better” if the [company hadn’t had to implement these costly](https://www.financedigest.com/companies-cost-inflation-is-slowing-but-shoppers-may-wait-for-lower-prices.html "Companies’ cost inflation is slowing but shoppers may wait for lower prices") measures. The [company’s shares](https://www.financedigest.com/exit-from-taiwan-lifts-shares-of-french-company-carrefour.html "Exit from Taiwan lifts shares of French company Carrefour") were down around 3% at 0800 GMT. TUI repaid state [financial aid in full earlier this year and reported](https://www.financedigest.com/financial-reporting-to-the-rescue-for-county-of-berks.html "Financial Reporting to the Rescue for County of Berks") a narrower quarterly underlying earnings before interest and tax (EBIT) loss of 242 million euros ($266.39 million), up 88 million over last year. With fewer people normally travelling in the first three months of the year, the results for TUI’s [second financial quarter](https://www.financedigest.com/metro-bank-posts-second-quarter-of-profitability-on-mortgage-loans-demand.html "Metro Bank posts second quarter of profitability on mortgage loans demand") are usually expected to be weaker. ($1 = 0.9084 euros) (Reporting by Joanna Plucinska, Editing by Sonali Paul and Elaine Hardcastle) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---