TUI’s Q1 results missed the consensus again while its liquidity and net debt positions remained comfortable. The current trading of summer bookings is mixed as the average prices remain buoyant but the booking volumes have slowed. Regardless, the target of summer bookings volume is maintained, due to later booking profiles and rising consumer confidence. The group’s plan to repay part of the state aid and to reach 90% of its permanent cost reduction by FY22 should be considered as positive.
