Thomas Cook failure boosts Tui to record January
Tui, the world’s largest travel group, saw a huge influx of new customers as a result of the bankruptcy of its former rival Thomas Cook, which went broke in September 2019, it said on Tuesday. “January this year was very, very strong,” Tui CEO Fritz Joussen told journalists on an earnings call on Tuesday. The surge in new bookings helped the company withstand the financial impact from the Boeing 737 MAX ban. The Hanover-headquartered travel company said that the ongoing ban on the Boeing aircraft will drag it down during this current financial year, as it will cost between €220m ($240m, £186m) and €245m to lease new planes, but that it is expecting some still-to-be-negotiated compensation from Boeing. For the financial year ending in September Tui said it expected underlying core earnings (EBIT) of between €850m and €1.05bn.