The company today reported underlying Q1 losses more than doubling to €83.6 million in its first quarter after an "unusually long, hot summer”.

But it insisted that the markets and airlines segment only accounts for about 30% of its business.

“Four years ago [hotels, cruise, activities and services in the destination] were a minor part of our business, and now 70% of our business is largely unaffected [by external market factors],” said chief executive Fritz Joussen.

“So our competitors who have not undergone a transformation will have huge challenges, and therefore we believe we are well positioned in a market which will be challenging this year.

“We think there will be an enormous pressure in the market for consolidation and with our strategic strength, our balance sheet strength and our financial strength we will be in a good position to take advantage of consolidation.”

Joussen continued: “You have seen other airlines in difficult territories… Other competitors with profit warnings all over the place.

“There are not so many saying their profit will remain stable… We will and we will also give dividends.”

Asked whether Tui was seeking to acquire any other businesses, Joussen described the company as an “active observer”.

“In the area of consolidation you should never exclude anything,” he said. “We are active observers.”