It surprised no one when Europe’s biggest travel company reported a record €3.2bn loss, the pandemic all but wiping out the summer holiday market.

However Fritz Joussen, Chief Executive, was bullish when announcing the results.

Revenues in the year to the end of September fell by 58% to €7.9bn and the group swung from a pre-tax profit of €692m last year to a €3.2bn loss.

Whilst an Anglo German group it is headquartered in Hanover and it was to the German government it has sought help and now has a liquidity of €2.5bn. He was adamant that the business would come through the crisis leaner and stronger.

He said: “TUI is ready for a speedy and successful resumption of travel activities as soon as the lockdowns are lifted and destinations reopen. The prospect of vaccinations from the beginning of the year will significantly increase demand for summer holidays in 2021. We are prepared for a new start after the crisis.”

The results come a week after it secured an additional €1.8bn of financing from a consortium of investors, banks and Germany’s state-backed economic support fund.