Feb 9, 2021
Tui’s sales tumble and debt mounts
For the three months to December Tui reported a loss of €720.9m on revenue down 87.8 per cent to €468.1m. Tui estimated a cash burn of between €250m to €300m per month ahead of travel restrictions being lifted and reported €2.1bn of liquidity following a third bailout from the German state in December. Net debt of €7.2bn was up 42 per cent year on year. Software group Micro Focus reinstated its dividend after posting full-year revenue of $3bn, down 10 per cent year on year but slightly ahead of consensus forecasts. Pensions provider James Hay said it had agreed to buy Nucleus, the financial planning and investment platform, for £144.6m. Its offer was pitched at 188p per Nucleus share, a 41.9 per cent premium to their closing price in December before the start of the offer period. Bitcoin climbed more than 10 per cent to a record high of $44,100, extending its 50 per cent surge so far this year, as Tesla also announced plans to accept payments in the cryptocurrency for its electric cars, albeit "Initially on a limited basis".
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