Chief executive Fritz Joussen estimated group 2020 profits in the range of €850 million to €1.05 billion, despite having to lease in replacement aircraft for its 15 Maxs.

He put the cost of this at €220 to €240 million, “not taking into account compensation from Boeing”. “But with all that, we feel very certain of the €850 million to €1.05 billion,” he said.

The group made €893 million in 2019, down 26%, which Tui also attributed to the Boeing 737 Max issue.

It said then the Max would cost it another €400 million if the troubled aircraft was still grounded in May, which now looks highly likely. Joussen added: “We don’t expect Max deliveries this year.”

He said the issue would be mitigated by strong trading, while adding. “We don’t know how much we will cash in from Boeing; there will be compensation, but it is a matter for negotiation how much is cash and how much for future deliveries.”

During the October to December 2019 quarter, the Max grounding cost Tui €45 million. Tui Group said it had contracted replacement aircraft “for the entire full year 2020”.

Tui said concerns remained about airspace rights after Brexit, but Joussen added: “Operationally, this will not be a problem.

"We had mitigation for a hard Brexit but we froze the project because we don’t believe it will happen.”