Travel giant Tui has lost £2.7billion since the start of the pandemic, with more cost savings on the horizon amid ongoing travel restrictions.
The German group's hefty underlying loss for the year to September 30 comes against earnings of £811.3 million in 2019, after revenues plunged 58% to £7.2billion.
Tui said it has raised its long-term cost-cutting target by another £91million as it revealed the crisis has seen its workforce fall by 32% to 48,300.
The firm - which last week secured a third government bailout in Germany - put faith in the rollout of Covid-19 vaccines to boost holiday demand in 2021.