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TUI Backs FY18 EBITA Forecast; Says Trading For Future Seasons Inline With View

Tour operator TUI AG (TUIFF.PK) Thursday announced that its financial year is closing out as expected, with the fourth consecutive year of double digit growth in underlying EBITA since the merger. The company reiterated guidance of at least 10% underlying EBITA growth in FY18.

In its pre-close trading update, the company noted that overall, trading since last update has remained in line with expectations. In Hotels & Resorts, the company benefits from the return in demand for Turkey, North Africa and increased demand for Greece, as well as delivering new openings in South East Asia and the Caribbean. As expected, demand for Spain is normalising from the very high levels seen in recent years.

Looking ahead, Chief Executive of TUI Group, Friedrich Joussen, said, "Whilst at an early stage, trading for future seasons is overall in line with our expectations. Our strong positioning as a leading holiday product provider with own distribution, as well as our balanced portfolio of destinations and markets, mean that we are well positioned to continue to deliver against our growth strategy."

Sales & Marketing trading for Winter 2018/19 is at a relatively early stage, with around one third of the programme sold. Performance is positive overall, with customer volumes up 2%.

TUI Group will issue its Annual Report on December 13.

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