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Market Report: The FTSE sinks as tour operator TUI's revenues tank

The FTSE has opened up this Thursday in negative territory as the reality of the economic impact of lockdown and fears of a second wave of COVID-19 infections hits home. 

The Anglo-German tour operator TUI (LON:TUI) has posted a whopping 98% drop in revenue and a €1.1bn loss for the past quarter as the full implications of the coronavirus pandemic takes its toll on the travel sector.

Elsewhere - Topps Tiles (LON:TPT) said it expects to generate a modest level of adjusted profit before tax in the year to September this year - thanks to strong home improvement and DIY demand. Like-for-like retail revenue grew 15.5% year-on-year in the first six weeks of its final quarter. 

Condor Gold (LON:CNR) says it has significantly de-risked its La India project by acquiring 85% of the land including several key areas of the project including a tailings storage facility, open pit and waste dump area. 

Directa Plus (LON:DCTA) has said the strong anti-viral properties of its graphene-enhanced coronavirus mask have been confirmed by scientists in Italy. CEO Giulio Cesareo says the company is in “early-stage’ discussions with possible commercial partners for this application.

And finally secure payment products provider Eckoh (LON:ECK) has secured a six-year contract extension worth £4mln to provide services relating to London’s congestion charge.The contract extends the existing agreement with Capita PLC (LON:CPI) and Transport for London to provide customer contact centre solutions alongside the existing secure payments service.

That’s your update - for more news - head to our website proactiveinvestors.com - as well as Twitter: @Proactive_UK

Quick facts: TUI AG

Price: 273 GBX

LSE:TUI
Market: LSE
Market Cap: £1.61 billion
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