"Many Photos" - Boeing safety crisis that grounded its 737 Max planes could cost travel firm Tui £259m in profits

The Boeing safety crisis that grounded its 737 Max planes across the world could cost travel firm Tui £259m in profits.

It owns 15 of the planes and has a further eight due by the end of May, and would take the hit from the cost of replacing the aircraft, higher fuel bills and other related expenses.

A bad sign: Tui owns 15 of the planes and has a further eight due by the end of May

The planes were grounded after an Ethiopian Airlines flight crashed this month, killing all 157 passengers and crew.

If the disruption lasts until July, it is expected to cost Tui £173m. But this could swell to £259m if it does not become clear in the coming weeks that the planes will resume flying by mid-July.

Russ Mould, investment director at broker AJ Bell, said: 'As if Tui needed another headache. Doubts about the economy and disruption from Brexit bubble away in the background.

'After 2018 saw the wrong weather – Europeans sunning themselves at home – executives could be forgiven for brushing up on a rain dance to force sun-seekers on beach holidays.'

Shares fell 4.4 per cent, or 34.2p, to 735.6p last night.

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News Photo Boeing safety crisis that grounded its 737 Max planes could cost travel firm Tui £259m in profits
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