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News: Tui Group sees losses narrow as new strategy pays off

Tui Group saw turnover climb by 9.1 per cent in the three months to December when compared to the previous year. At the same time, customer numbers at the tour operator grew by 4.4 per cent year-on-year. Tui reduced its debt position year-on-year from €1.52 billion to €874 million. This was helped by the €38 million gain from selling three Riu hotels. However, the business took a €20 million hit from the bankruptcy of Austrian budget airline Niki to which Tui had leased aircraft and crew. ADVERTISEMENT Overall, this meant…

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Deliveroo accounts reveal huge losses

Losses have risen sharply at the gig economy food delivery firm, Deliveroo, according to its latest accounts. The company, incorporated under the name Roofoods, made a worldwide loss of £129m in 2016, up from £30m in 2015. Deliveroo made sales of £128.56m, up from £18.1m, but the cost of getting the goods to customers was £127.47m, leaving it a wafer-thin profit margin. On top of that the company has been funding an international expansion plan. Deliveroo is now in 12 countries, including Germany and Singapore. It connects thousands of bike…

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