Wednesday, February 28, 2024

Tui reports record revenues before vote on London exit

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Europe’s biggest travel company reported record first-quarter revenues and earnings ahead of an expected vote by shareholders to quit the London Stock Exchange in favour of Germany.

At its annual meeting on Tuesday, Tui Group’s shareholders will be asked to vote on whether or not to delist in London and have the group’s shares listed only in Frankfurt. The move requires a 75 per cent vote.

The board is recommending the move, while two shareholder proxy groups, PIRC and ISS, are both supporting it. ISS said that 77 per cent of Tui’s shares were listed in Germany and only 10 per cent in London.

In a forecast-beating first-quarter update, Tui Group said that people were continuing to “prioritise holidays”, with revenues in the first three

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