- Travel company TUI reiterated its underlying earnings guidance and said its summer season was closing out in line with its expectations.

In a trading update issued in the wake of the collapse Thomas Cook, the company said it was preparing measures to support customers stranded by its rival's demise, including offering replacement flights.

TUI said it was currently assessing the short-term impact of Thomas Cook's insolvency, on the final week of its financial results for the 2019 financial year.

'Our vertically integrated business model proves to be resilient, even in this challenging market environment,' TUI said.

'Our holiday experiences business continues to deliver strong results.'

However, TUI said its markets & airlines unit faced a number of ongoing external challenges, such as the grounding of the 737 MAX aircraft, airline overcapacities and continued Brexit uncertainty.

'The summer 2019 season is, however, closing out in line with expectations and we therefore reiterate 2019 financial year underlying Ebita guidance stated in our ad-hoc announcement of March 2019,' it said.

The guidance was for around up to minus 26% compared with underlying Ebita re-based in the 2018 financial year of €1.177bn.

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