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BUSINESS LIVE: Ocado revenues jump; TUI falls to massive loss


Susannah Streeter, senior investment and markets analyst. Hargreaves Lansdown:
As the world’s largest tourism and travel operator, TUI’s fragile financial position shows Covid-19 is still a treacherous tide threatening to drag the global travel industry’s recovery off course.
Despite significant progress in reducing monthly cash burn, TUI posted a €699 million loss for the first quarter. Revenues were down 88% due to travel restrictions in European markets with many hotels in key winter sun resorts remaining closed. Yet there are chinks of light appearing through the curtains.
Demand for holidays is beginning to return with average daily bookings in January up 70% compared to December. Average prices are up by 20% for 2021 compared to the 2019 season with more customers opting for package deals rather than a DIY approach to booking hotels and flights separately, which can cause more of a headache when it comes to refunds. ....

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