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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Tour operator TUI Travel narrowed underlying pre-tax losses in the first half, thanks to strong trading in the UK and Nordics and a 'significant' turnaround in France.

The group, formed last year by the merger of TUI’s travel business and UK travel firm First Choice, also said that discussions with Lufthansa regarding a potential merger of Germanwings and TUIfly are ongoing.

Underlying losses before tax came in at £294m in the six month to 31 March compared with a loss of £339m last time. Underlying revenue was up 9% to £5.16bn.

Current trading for Summer 2008 remains strong, with UK mainstream sales up 8% and less holidays left to sell. Trading for the Winter 2008/09 programme, although early in the season and only on sale for Northern Europe, has started strongly with sales up 15% in the UK. 

The group said it is well hedged with respect to fuel and foreign exchange exposures for all open seasons and believes that it is well placed to recover incremental costs in both 2008 and 2009.

The board has proposed to pay a second interim dividend of 2.8p per share.
 
“We see no evidence of deteriorating consumer sentiment in our booking patterns, in the average holiday duration booked, average selling price or cancellation rates,” said chief executive Peter Long.

“We are well positioned to deal with a more challenging economic environment through a combination of strong management, the elimination of loss making flying capacity, the flexibility in our business model and market leading tour operator brands.”

“I remain confident that the group will meet the board's financial expectations for the year ended 30 September 2008,” he added.

• News Channel