Holiday giant Tui sees shares dive 10% as summer sales slump amid weaker demand in Europe
Holidays giant Tui has suffered a slowdown in summer bookings due to weaker demand in Europe.
Shares in Europe's largest travel agent tumbled 10.9 per cent as boss Sebastian Ebel warned of a 'challenging' year ahead.
Tui, which last year abandoned London's stock market for Germany, blamed the 1 per cent drop in summer sales on a later Easter changing customer behaviour.
UK bookings were in line with last year, it said, with 64 per cent of the total programme sold so far. Ebel said summer sales would probably reach 2024 levels, adding: 'Europe needs new momentum.
'We must return to an overall economy that is growing. More investment, more freedom – less regulation and less bureaucracy. This will strengthen the economy and consumer behaviour.'
Tui losses widened to £174million in the second quarter, from £158.8million a year earlier, but that was less than the £188.5million expected by analysts.
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