The travel group is targeting a 30% cut in its overhead cost base but forecasts tourism being back at 2019 levels by 2021
Travel brochures inside a closed branch of the travel firm TUI in Berlin amid the Covid-19 pandemic on May 13 2020. Picture AFP/ODD ANDERSEN
However, the world’s biggest tourism group said on Wednesday that it has adopted new safety measures and that holidays would be possible. “We believe that, [by the] latest, in July, we will be open to resume,” TUI CEO Fritz Joussen told reporters, chiming in with comments from the bosses of airlines Ryanair and IAG in recent days.
TUI shares were down 2.9% at 9.32am GMT after reporting an underlying half-year loss that widened to €813m from about €301m in the same period last year, including a €470m coronavirus-related hit in March. Its shares have slumped 70% in the past three months. However, Joussen said he is confident of a recovery, forecasting that tourism would be back at 2019 levels by 2021. He said demand for holidays would be strong once borders reopen and that there has been intense activity on the TUI website.
Customers who do manage to get away on holiday will find their trips quite different from in the past, TUI said. New safety measures include temperature checks at airports, staff with masks and fewer tables in hotel restaurants.
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