Travel giant TUI upbeat as summer bookings soar

Travel company giant TUI said an exceptional number of holiday bookings would help offset the impact of the Boeing 737 Max grounding on its annual profit, enabling it to lift the bottom end of annual earnings guidance.

TUI is benefiting from the failure of rival travel company Thomas Cook last September, helping it to pick up new customers and gain market share, but at the same time it faces headwinds from the Max grounding as it has to pay to lease other planes.