TUI AG swings to Q1 underlying EBITDA

TUI AG has swung to a Q1 underlying EBITDA of €29.8m, from a year earlier restated loss of €7.5m. EBITA came in at -€69.5m, from -€102.8m.

"Current trading remains in line with our expectations, with continued growth in revenues and bookings in most Source Markets, further openings planned in our hotel and concept brands and the launch of two cruise ships this Summer," the company said.

"Based on our Q1 performance and current trading, we are pleased to reiterate our balanced guidance of at least 10 % growth in underlying EBITA in 2016/17," the company said.

Turnover was €3.29bn, from a restated €3.21bn.