Tui to exit London after shareholders back top brass

Tui shareholders have voted to ditch the London Stock Exchange in favour of Germany, in a major blow to the embattled bourse.

Shareholders voted 98.35 per cent in favour of the decision at the travel giant’s annual general meeting, having required 75 per cent backing for the plans to go through.

Dual-listed Tui announced in December it was considering exiting London’s premier index in favour of Frankfurt.

It’s board backed the plans in early January, citing significant “liquidity migration” from England to Germany in recent years, leaving the decision up to shareholders at today’s AGM.

The move from Europe’s biggest travel operator is yet another kick in the teeth for London equity markets, following a difficult year.

Big players including the Cambridge chip giant Arm and London-based commodities broker Marex, have chosen to snub the UK capital in favour of New York.

Gambling giant Flutter also plans to move its primary listing to the Big Apple, after completing a secondary listing there last year. And YouGov and Plus500, two staples of the London market, are publicly considering an exit to sunnier shores.

Last year, only 23 firms listed on the London Stock Exchange, down from 45 in 2022 and 119 the prior year.

Tui’s decision comes after the travel company posted record earnings and revenues this morning, in its most recent set of quarterly results, driven by strong holiday demand.

The airline and package holiday provider’s first quarter revenue came in at a historic €4.3bn (£3.66bn), up by 15 per cent year-on-year.

Shares rose as much as 6 per cent at market open, falling slightly to just above 3 per cent mid-morning ahead of the AGM.