Tui has reported a record fiscal first quarter ahead of a key vote on its plans to exit the London Stock Exchange in favour of Germany.
The travel giant said it had booked a historic €4.3bn (£3.67bn) in revenue for the period from 1 October 2023 to 31 December 2023, amid booming travel demand following last year’s post-Covid rebound.
Underlying earnings before interest and taxation (EBIT) increased to a positive €6m (£5.1m) for the first time, rising nearly €159m (£135.4m) from last year’s loss.
Despite continued geopolitical uncertainty in the Middle East and disruption in European airspace, Europe’s largest travel operator maintained its full-year guidance for 2024. Underlying EBIT is expected to increase by at least 25 per cent year-on-year, with revenue jumping 10 per cent.
Tui noted current bookings for summer 2024 “continue to be promising,” with five million bookings and 32 per cent of its programme sold, in line with the prior year.
It comes ahead of a much-anticipated annual general meeting this morning, which will see shareholders vote on whether TUI should strike its shares off London markets.
The Hanover-headquartered firm currently holds a dual listing in Frankfurt and the UK but announced in December it was considering moving to Germany.
Its top brass has backed the decision, with two shareholder advisory groups Pirc and the US-based ISS following suit. 77 per cent of Tui’s shares were listed on its German register last November, as opposed to 10 per cent in London.
In its report this morning, the travel group urged shareholders to back leaving London, arguing that moving its primary listing would simplify its trading structure, as the majority of shares are already traded in Germany.
The AGM is scheduled at 10:30 am this morning. A vote to leave London would be yet another blow to London’s embattled equity markets.