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TUI Suspends Majority Of Travel Operations; Withdraws 2020 Outlook

TUI Group has decided to suspend the vast majority of all travel operations until further notice, including package travel, cruises and hotel operations. The temporary suspension is aimed at contributing to global governmental efforts to mitigate the effects of the spread of the COVID-19.

The company has decided to withdraw the financial year 2020 guidance. In addition, the Executive Board also refrains from issuing a new guidance for the Financial Year 2020 under the current circumstances.

The Group said it has cash and available facilities of about 1.4 billion euros and year-to-date performance had been in-line with expectations prior to COVID-19.

The company said it is taking substantial cost measures to mitigate the earnings effect. Moreover, it have decided to apply for state aid guarantees to support the business until normal operations are resumed.

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