TUI has announced plans to increase its market share following the collapse of its rival Thomas Cook, travelmole.com reports.

In a trading update this morning, TUI announced it will become ‘more cost-competitive’.

The company, which will report its full-year results in a few weeks, noted it is currently assessing the short-term impact of Thomas Cook’s insolvency on the final week of its 2019 financial year.

Some TUI customers had been booked on Thomas Cook flights, meaning the operator will have to find replacement services, which could negatively impact its earnings for the whole year.

Nevertheless, chief executive Friedrich Joussen said: “Our vertically integrated business model proves to be resilient, even in this challenging market environment.

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