TUI Shines with Profit Leap and Optimistic Outlook

The travel group TUI recorded an impressive 33% increase in adjusted profit to 1.3 billion euros in the past fiscal year up to September 30. This was achieved despite a challenging market environment, with revenue increasing by 12%. The company's focus is now entirely on the Frankfurt stock market, having recently terminated its London listing. For the new fiscal year, the travel giant anticipates further growth, albeit at a more moderate pace. Revenue is expected to increase by 5% to 10%, while adjusted pre-tax profit is projected to rise by 7% to 10% - despite increased cost pressures. Demand and price developments are promising in the winter and summer booking segments, with positive momentum, particularly in the British market. The FTSE 100 recorded a drop of 30.61 points to 8249.75, mainly due to weakening mining stocks, with Rio Tinto and Anglo American each losing more than 1%. Ashtead suffered further losses of 3% after a dramatic 14% decline the previous day, triggered by Goldman Sachs' price target adjustment to 6600 pence following a profit warning. IAG traded positively, with shares climbing 1.4% to a new post-pandemic high, spurred by a buy recommendation from Deutsche Numis with a price target of 400 pence. Reckitt Benckiser also benefited from an upgrade by HSBC, leading to a rise in its stock price. British American Tobacco also traded slightly higher after the company reaffirmed its year-end forecast. In a multi-billion dollar transaction, Resolution Life was acquired by Nippon Life for 8.2 billion dollars. The company, founded by Sir Clive Cowdery as a consolidator of life and pension insurance, has a two-decade history of acquisitions and consolidations, managing over 385 billion dollars in assets. Sir Clive expressed his delight with the new owner Nippon Life, one of Japan's largest life insurers, and thanked institutional investors for their support over the past 22 years.