TUI says no apparent bookings slowdown from Brexit

Big 5

Travel company TUI AG (TUI.XE) said on Thursday it delivered a good performance in the third quarter, with strong trading in the U.K. and no apparent slowdown in bookings as a result of the referendum on the country’s membership of the European Union.

Turnover for the quarter ended June 30 dropped to 4.6 billion euros ($5.1 billion) compared with EUR4.9 billion in the same period last year. Earnings before interest, taxes, depreciation and amortization rose to EUR243.0 million from EUR232.2 million.

Summer 2016 trading remains in line with expectations and the company said it is well positioned to deliver at least 10% growth in underlying earnings before interest, taxes, and amortization for fiscal 2016. Trading in some markets, such as Turkey, has been hit by weaker customer demand, but TUI said it is well positioned to deal with the changing geopolitical and macroeconomic environment.

TUI shares in London closed Wednesday at 1,012 pence.

Source: MarketWatch