Prior to entering its close period ahead of reporting its full year results for the twelve months ending 30 September 2016 on 8 December 2016, TUI Group announces the following update on current trading.
Chief Executive of TUI Group, Friedrich Joussen, commented:
"We are continuing to deliver our strategy as a content centric, vertically integrated tourism group. The Summer 2016 season is almost fully sold, with a continued strong performance by the UK, Riu and Cruises, the launch this Summer of two additional cruise ships and the opening of five additional hotels in our core brands. Winter 2016/17 is trading in line with our expectations, with further growth driven by long haul. In addition, we are pleased to have announced the completion of the Hotelbeds Group disposal on 12 September and marketing of Travelopia (formerly part of Specialist Group) has commenced.
As we approach our 2015/16 year end, we are therefore confident of delivering between 12% and 13% growth in underlying EBITA1. This demonstrates the strength of our integrated business model and the success of our content centric strategy, as well as the continued delivery of our merger synergies."
1 Assuming constant foreign exchange rates are applied to the result in the current and prior period and treating Hotelbeds Group as discontinued operations