After staying at home during the recession, consumers are starting to book holidays again, with customers in Nordic countries in particular driving growth.
Russia and Brazil will be key areas for expansion in the future, Frenzel said, with smaller acquisitions likely in Russia.
Rival Thomas Cook (TCG.L) is also keen to take advantage of the fast-growing Russian market and recently bought into local operator Intourist. Frenzel said TUI was ramping up marketing costs as it aims to gain market leadership there.
He added that together with TUI Travel CEO Peter Long, he was looking at Brazil as a possible source market and was also planning to reorganize its joint venture in China.
For 2010/11, analysts estimate underlying EBITA will rise to 668 million euros, according to a Reuters poll.
Frenzel declined to comment on whether TUI would pay a dividend in 2011, but said the group was working to return to a payout as quickly as possible. Both TUI Travel and Hapag-Lloyd already reported results over the last month.
Russia and Brazil will be key areas for expansion in the future, Frenzel said, with smaller acquisitions likely in Russia.
Rival Thomas Cook (TCG.L) is also keen to take advantage of the fast-growing Russian market and recently bought into local operator Intourist. Frenzel said TUI was ramping up marketing costs as it aims to gain market leadership there.
He added that together with TUI Travel CEO Peter Long, he was looking at Brazil as a possible source market and was also planning to reorganize its joint venture in China.
For 2010/11, analysts estimate underlying EBITA will rise to 668 million euros, according to a Reuters poll.
Frenzel declined to comment on whether TUI would pay a dividend in 2011, but said the group was working to return to a payout as quickly as possible. Both TUI Travel and Hapag-Lloyd already reported results over the last month.