Coronavirus impact

TUI cuts costs as bookings fall

TUI Group head office in Hanover, Germany
TUI/Christian Wyrwa
TUI Group head office in Hanover, Germany

TUI Group is responding to a booking downturn with a cost-cutting programme that could include savings at head office and a review of flight capacities.

“Since the announcement of the first COVID-19 cases in Northern Italy, Tenerife and the related developments in other regions, in line with the industry, we have experienced weaker bookings in the last week, especially for our remaining, near-term and lower volume winter season,” TUI stated.

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But bookings remain well ahead of last year overall and it is too early to estimate the potential financial impact on business, the company added. “At this point in time, we only see a marginal effect on our operations, for example due to necessary re-routing of Mein Schiff 6 in Asia,” the company underlined.
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In financial terms, Europe’s largest tourism group said its priorities remained “additional and various cost measures” such as budget reduction in administrative areas, hiring freezes as well as the postponement of non-critical projects along with “carefully reviewing options for capacity management, if needed”.