TUI’s latest financial statement shows a 12% growth for 2017 – something it put down to its cruise and hotel operations.

Figures out this week for 2017 (financial year running between October 2016 to 30 September 2017) show a third consecutive year of double-digit earnings growth. Cruise and hotels were highlighted by TUI as the key drivers to growth – with around 56 per cent delivered from these subsidiaries.

“Our successful strategic realignment is… reflected in our set of results. Thanks to the strong growth of our hotel and cruise brands, TUI now delivers stronger margins and is less seasonal. Our business profile is now much more evenly structured across the entire year. The clear focus on investments in high-margin hotels and ships was the core of the strategy for the new TUI following the merger in 2014,” said TUI chief executive Fritz Joussen.

He added: “We are investing in new hotels and modern cruise ships. And we pay an attractive dividend to our shareholders. We are seeking to continue this path.”

Since the first half of the financial year 2017, the cruises segment has comprised the results of all three cruise companies: TUI Cruises, Marella Cruises and Hapag-Lloyd Cruises. For cruises, underlying profits were up by 34 per cent to 255.6 million euros, up from 190.9 million euros in the previous year. It’s average rate per passenger per day for TUI Cruises was 173 euros (previous year 171 euros); Marella Cruises £131 (previous year £121) and Hapag-Lloyd Cruises 594 euros (previous year 579 euros).

Average occupancy remained stable with TUI Cruises 101.9 per cent (previously 102.6 per cent); Marella Cruises 101.7 per cent (previously 100.6 per cent) and Hapag-Lloyd Cruises 76.7 per cent (previously 76.8 per cent).