After a successful start of the year, Novaturas Group together with the global travel industry has faced declining travel demand in March due to the spread of COVID-19. After local governments in the Baltics have decided to take isolation measures, we have suspended all our operations until April 14th in Lithuania and Latvia and until May 1st in Estonia.
Last year the tour organizing industry in the Baltics has been defined by an intensified competition and also slightly changing customer habits due to shifting weather seasons. All these conditions have had an effect on all tour operators including Novaturas Group and are reflected in financials of 9 months of 2019. However, the tour organising industry leader in the Baltics managed to overcome the challenges and ended 2019 with a robust last quarter. Future results also look promising as early booking campaign for summer 2020 is performing smoothly as never before.
The leading tour operator in the Baltics Novaturas Group has agreed with Aurinko to carry out its operations in Estonia starting from the beginning of next year. One of the most capacious tour operators in Estonia and a Finnair subsidiary Aurinko has announced previously leaving the Estonian market and entrusted Novaturas for its proper know-how and stable financial status. The legal agreement has been signed between Novatours OÜ, subsidiary of Novaturas Group in Estonia and Aurinko OÜ.