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TUI takes 1.4mln customers on holiday during summer

The travel company said it is going ahead with a savings programme to cut its overhead cost base by 30%, hitting 8,000 roles globally

TUI AG - TUI takes 1.4mln customers on holiday during summer

TUI AG (LON:TUI) said it has taken 1.4mln customers on holiday between mid-June to the end of August since the restart of operations after the easing in coronavirus lockdown measures.

in a trading update, the travel company added that it is going ahead with a savings programme to cut its overhead cost base by 30%, which will potentially hit 8,000 roles globally that will either not be recruited or reduced.

READ: TUI to pay all outstanding refunds by September after competition watchdog investigation

The FTSE 250-listed firm noted that summer 2020 and winter 2020/21 capacity was reduced following recent changes in travel restrictions across its geographies with the uncertain outlook forecast to remain “for the next few quarters”.

As of September 20, 2020, TUI had cash and available facilities, including additional stabilisation package of €2bn, while cash outflow for the fourth quarter remains as expected, the company said.

Shares ticked up 2% to 277.34p on Tuesday morning.

--Adds shares--

Quick facts: TUI AG

Price: 288.9 GBX

LSE:TUI
Market: LSE
Market Cap: £1.71 billion
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