TUI First Half Results: More Capacity, Higher Rates, Higher Earnings

Mein Schiff 1

TUI Group reported what it called a "strong" first half 2018 performance, with growth continuing, the German company said. 

Revenue was up 7.2 percent, while EBITA grew by 26 percent.

TUI Group said its board had approved a third Hanseatic-class newbuild for Hapag-Lloyd Cruises.

The 230-guest ship will join the Hapag-Lloyd fleet from VARD in 2021, following the Hanseatic Nature and Inspiration, which will be delivered next year.

“We continue to deliver growth, all trends remain intact, and our very good trading performance for summer 2018 fully matches our expectations. At growth of 26 percent in our operating result and seven per cent in turnover, TUI Group concludes the first half of financial year 2018 with a very strong set of results, and we reiterate our full-year guidance,” said TUI Group CEO Fritz Joussen at the presentation of the Group’s H1 results on board the new Mein Schiff 1 in Hamburg.

"Forecasts for cruising are excellent. German and European holidaymakers are beginning to embrace this way to travel. Due to demographic change, traditional target groups are growing. At the same time, sea voyages are becoming increasingly popular among families and younger people," he said. 

For cruise, TUI said the segment had delivered strong growth:

Underlying EBITA: +23.2 percent to 92.4 million euros (previous year 75.0 million euros)

Underlying EBITA at constant currency rates: +24.0 percent to 93.0 million euros

Average rate per passenger per day:
​TUI Cruises 148 euros (previous year 147 euros)
Marella Cruises 136 GBP (previous year 127 GBP)
Hapag-Lloyd Cruises 600 euros (previous year 595 euros)

Average occupancy:
TUI Cruises 98.9 percent (previous year 99.7 percent)
Marella Cruises 99.6 percent (previous year 99.6 percent)
Hapag-Lloyd Cruises 76.4 percent (previous year 73.8 percent)

Due to the continued rise in demand, TUI is planning to expand the segment through additional newbuilds, it said. 

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