However, CEO Friedrich Joussen quoted in the 2020 Annual Report that he believes the " holiday sector remains on its long-term growth pathway ", showing future confidence, perhaps due to the 2.8m holidays TUI still has booked for this year's summer. Regardless, in its first quarterly report of 2021 TUI has shown a group revenue of only £414m, down 88% from last year, with analysts indicating the company won't operate at full capacity until 2022/23.