TUI AG (LSE:TUI)'s share price is up 8.48% after it reported a more than doubling of its earnings due to increased customer numbers and higher prices in the fourth quarter.
The FTSE 250 constituent’s price per share climbed to €6.45 after it released its annual results statement for fiscal year 2023.
The tour operator said in a statement today that its quarterly revenue for the three months to 30 September increased to €8.48 billion, up from €7.61 billion a year earlier.
Annual turnover hit a record high of €20.7 billion, one-quarter higher than in 2022.
This helped lift full-year underlying earnings before interest and tax (EBIT) to €977 million, more than double last year’s €409 million, with quarterly EBIT rising to €1.20 billion up from €1.04 billion a year ago.
TUI said its annual earnings met expectations, as it continued its strong performance across Holiday Experiences segments and made operational improvements in Markets & Airlines.