Trading Statement
24 Marzo 2010 - 8:00AM
UK Regulatory
TIDMTT.
RNS Number : 0662J
TUI Travel PLC
24 March 2010
24 March 2010
TUI TRAVEL PLC
Pre-Close Trading Update
Prior to entering its close period ahead of reporting its Interim results for
the six months ending 31 March 2010, TUI Travel PLC announces the following
update on current trading.
Highlights
+-------+-------+---------------------------------------------------------+
| · | We are seeing a significant recovery in consumer demand |
| | for leisure holidays resulting in strong trading across |
| | all open seasons. |
| | |
+-------+-----------------------------------------------------------------+
| · | Winter 2009/10: |
| | |
+-------+-----------------------------------------------------------------+
| | · | Programmes are now almost fully sold and we have |
| | | achieved planned load factors. |
| | | |
+-------+-------+---------------------------------------------------------+
| | · | Strong pricing seen in the lates market due to having |
| | | fewer holidays left to sell in the period. |
| | | |
+-------+-------+---------------------------------------------------------+
| · | Summer 2010: |
| | |
+-------+-----------------------------------------------------------------+
| | · | Trading during the key summer booking period remains |
| | | strong. |
| | | |
+-------+-------+---------------------------------------------------------+
| | · | Improvements in cumulative booking volumes in most |
| | | source markets since our last update, with the UK and |
| | | Nordics up 13% and 23% respectively in the period. |
| | | |
+-------+-------+---------------------------------------------------------+
| · | Significant progress expected in the second quarter |
| | driven by reduced losses in Canada and Germany following |
| | the completion of previously announced transactions. |
| | |
+-------+-----------------------------------------------------------------+
| · | Remain well positioned to meet the Board's expectations |
| | for the year ending 30 September 2010. |
| | |
+-------+-------+---------------------------------------------------------+
Enquiries:
+----------------------------------------+--------------------+
| TUI Travel | |
| | |
| Paul Bowtell, Chief Financial Officer | +44 (0) 1293 645 |
| Andy Jones, Director of Finance & | 713 |
| Investor Relations | +44 (0) 1293 645 |
| Paul Rushton, Head of Investor | 795 |
| Relations | +44 (0) 1293 645 |
| Lesley Allan, Corporate Communications | 795 |
| Director | +44 (0) 1293 645 |
| | 774 |
| | |
+----------------------------------------+--------------------+
| Hudson Sandler | |
| | |
| Jessica Rouleau / Kate Hough | +44 (0) 20 7796 |
| | 4133 |
+----------------------------------------+--------------------+
Current Trading
The strong trends reported in our previous trading statement on 9 February have
continued and we remain pleased with our trading performance across all open
seasons.
Winter 2009/10
Booking volumes are currently ahead or in line with capacity reductions in all
source markets. We have very few holidays left to sell for the winter season,
which runs until the end of April in most source markets. Pricing has held firm
in the lates market and the low levels of stock left to sell leaves us confident
that we will achieve required load factors and pricing levels for the remainder
of the season.
+-------------+--------+--------+------------+--------+--------+--------+
| Current | Winter 2009/10 | | | |
| Trading | | | | |
| 1 | | | | |
| | | | | |
+-------------+------------------------------+--------+--------+--------+
| | | | |
+-------------+------------------------------+--------+-----------------+
| y-o-y | Total | Total | Total | | Risk |
| variation% | ASP2 |Sales2 |Customers2 | | |
+ + + + + +-----------------+
| | | | | | Capacity3 |
| | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| MAINSTREAM | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| Northern | | | | | |
| Region | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| Short-haul | +9 | -13 | -21 | | |
+-------------+--------+--------+------------+--------+-----------------+
| Medium-haul | +10 | -1 | -9 | | |
+-------------+--------+--------+------------+--------+-----------------+
| Long-haul | +9 | -10 | -17 | | |
+-------------+--------+--------+------------+--------+-----------------+
| UK | +11 | -1 | -11 | | -14 |
+-------------+--------+--------+------------+--------+-----------------+
| | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| Nordic | +3 | -7 | -10 | | -11 |
+-------------+--------+--------+------------+--------+-----------------+
| Northern | +8 | -3 | -11 | | |
| Region - | | | | | |
| Total | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| Germany | -2 | -10 | -8 | | -9 |
+-------------+--------+--------+------------+--------+-----------------+
| Austria | -2 | -23 | -21 | | |
+-------------+--------+--------+------------+--------+-----------------+
| Switzerland | -6 | -2 | +4 | | |
+-------------+--------+--------+------------+--------+-----------------+
| Poland | -2 | -19 | -17 | | |
+-------------+--------+--------+------------+--------+-----------------+
| Central | -2 | -10 | -8 | | |
| Europe | | | | | |
| - Total | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| France | -7 | -10 | -3 | | |
+-------------+--------+--------+------------+--------+-----------------+
| Belgium | -5 | Flat | +6 | | |
+-------------+--------+--------+------------+--------+-----------------+
| Netherlands | +5 | -3 | -7 | | |
| | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| Western | -5 | -6 | -1 | | -1 |
| Europe | | | | | |
| - Total | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| SPECIALIST | -15 | -20 | -6 | | |
+-------------+--------+--------+------------+--------+-----------------+
| ACTIVITY | NA | -9 | NA | | |
+-------------+--------+--------+------------+--------+-----------------+
| A&D4 | -2 | +29 | +32 | | |
+-------------+--------+--------+------------+--------+-----------------+
| | | | | | |
+-------------+--------+--------+------------+--------+-----------------+
| | | | | | |
+-------------+--------+--------+------------+--------+--------+--------+
1 These statistics are up to 14 March 2010 and are shown on a constant currency
basis
2 These statistics relate to all customers whether risk or non-risk
3
These statistics include all risk capacity programmes
4 These statistics refer to Online businesses only; Sales refer to total
transaction value (TTV) and customers refers to roomnights
Summer 2010
For Summer 2010 trading we continue to see a strong improvement versus the prior
year. In recent weeks, most source markets have continued to experience booking
volumes ahead of the cumulative position.
+--------------+--------------+--------------+--------------+
| y-o-y | Cumulative | Trading | Cumulative |
| customer | position at |31 Jan to 14 | position at |
| booking | 31 Jan | Mar | 14 Mar |
| variation % | | | |
+--------------+--------------+--------------+--------------+
| UK | +1 | +13 | +3 |
+--------------+--------------+--------------+--------------+
| Nordics | +23 | +23 | +23 |
+--------------+--------------+--------------+--------------+
| Germany | -8 | +3 | -4 |
+--------------+--------------+--------------+--------------+
| France | +17 | +21 | +19 |
+--------------+--------------+--------------+--------------+
| Belgium | +1 | -7 | -3 |
+--------------+--------------+--------------+--------------+
| Netherlands | -13 | +12 | -4 |
+--------------+--------------+--------------+--------------+
+-------------+--------+--------+------------+--------+-----------+--------+
| Current | Summer 2010 | | | |
| Trading | | | | |
| 1 | | | | |
| | | | | |
+-------------+------------------------------+--------+-----------+--------+
| | | | |
+-------------+------------------------------+--------+--------------------+
| y-o-y | Total | Total | Total | | Risk Only |
| variation% | ASP2 |Sales2 |Customers2 | | |
+ + + + + +--------------------+
| | | | | | Capacity3 | Left |
| | | | | | | to |
| | | | | | | sell3 |
| | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| MAINSTREAM | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Northern | | | | | | |
| Region | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Short-haul | +10 | +1 | -8 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Medium-haul | +8 | +18 | +10 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Long-haul | +3 | +14 | +11 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| UK | +9 | +13 | +3 | | +3 | +3 |
+-------------+--------+--------+------------+--------+-----------+--------+
| | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Nordic | +1 | +25 | +23 | | +12 | +2 |
+-------------+--------+--------+------------+--------+-----------+--------+
| Northern | +7 | +14 | +6 | | | |
| Region - | | | | | | |
| Total | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Germany | +1 | -3 | -4 | | -5 | -2 |
+-------------+--------+--------+------------+--------+-----------+--------+
| Austria | -1 | +2 | +3 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Switzerland | -2 | +2 | +4 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Poland | -2 | +15 | +17 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Central | +1 | -3 | -3 | | | |
| Europe | | | | | | |
| - Total | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| France | -6 | +11 | +19 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Belgium | Flat | -3 | -3 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Netherlands | Flat | -4 | -4 | | | |
| | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| Western | -2 | +1 | +3 | | Flat | -2 |
| Europe | | | | | | |
| - Total | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| SPECIALIST | +6 | +2 | -4 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| ACTIVITY | NA | +9 | NA | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| A&D4 | +2 | +54 | +51 | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
| | | | | | | |
+-------------+--------+--------+------------+--------+-----------+--------+
1 These statistics are up to 14 March 2010 and are shown on a constant currency
basis
2 These statistics relate to all customers whether risk or non-risk
3
These statistics include all risk capacity programmes
4 These statistics refer to Online businesses only; Sales refer to total
transaction value (TTV) and customers refers to roomnights
The UK business has continued to trade well in recent weeks. Since our last
trading update, booking volumes in the UK were up 13%, well ahead of capacity
and stock left to sell. The UK load factor is now 43%, flat versus the prior
year despite a small increase in capacity. Average selling prices remain strong
and are up 9% year-on-year.
In the Nordics, booking volumes remain up 23% and we have further increased
capacity, now up 12%, reflecting the continued strong demand. The capacity
increase has been implemented through additional third party flying arrangements
which remain flexible at this stage of the booking cycle. The strong demand
continues to be driven by our differentiated and exclusive Blue Village and Blue
Star family club concepts. Load factor is now 52%, up five percentage points
compared to Summer 2009, despite the capacity increase.
In Germany, booking volumes have improved recently and are up 3% in the last six
weeks, compared to cumulative bookings down 4% and capacity down 5%. Load factor
is now 45%, in line with last year.
Trading in Austria and Switzerland remains in line with expectations. Demand has
strengthened significantly in Poland over recent weeks, where booking volumes
are now up 17% versus 1% down at our previous trading update.
Demand in France has been well ahead of the prior year, when destination issues
in the French West Indies and the economic environment affected bookings.
Customer volumes are now up 19%, with favourable booking trends in both
Nouvelles Frontieres and Marmara. Bookings for the tour operators'
differentiated club products, Club Nouvelles Frontieres and Club Marmara, have
been particularly strong. Corsair, however, continues to experience yield
pressure on many of its routes, reflecting the competitiveness of the market,
which suffers from over supply, and its own weak product positioning.
Belgium, which has remained resilient so far during the financial downturn, has
seen a slight slowdown in sales in the last few weeks but has the flexibility to
adjust capacity if necessary.
The Specialist & Emerging Markets sector sold 15% more holidays in the last four
weeks compared with the prior year, leading to an improved cumulative booking
volume position, which is now down 4%. There has been recent strength in US
escorted tours and US student educational tours in particular.
In the Activity sector, cumulative sales to date are now up 9%, with sales in
the last four weeks 24% ahead, driven by strong demand for Marine holidays.
Strong volume growth in the B2C and B2B Online businesses in the A&D sector has
continued, with roomnights up 51%. Margins remain ahead of the prior year.
Outlook
We are encouraged by recent strong trading trends and are confident as we move
towards the summer season that we will continue to see strong demand and a
recovery in earlier booking patterns. Accordingly, we remain well positioned to
meet the Board's expectations for the year ending 30 September 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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