Tui could leave London

Tui could leave London

TUI: Chief executive Sebastian Ebel announced a record year Photo credit: Tui AG/Christian Wyrwa

TUI, Europe’s largest travel operator, is deliberating whether to delist from the London stock exchange.

On publishing its full-year results on December 6, the Hanover-based company revealed that shareholders were “concerned” regarding the current dual listing on the London and Frankfurt stock exchanges.

They queried whether this was “optimal and advantageous” in view of a “notable” shift in share ownership from the UK to Germany over the last four years.

Leaving London could lead to reduced costs, centralisation of liquidity and “potential benefits to European Union airline ownership and control requirements” the 2023 annual statement pointed out.

An end to pandemic restrictions coupled with higher prices, gave Tui a record turnover as the company headed by Sebastian Ebel saw underlying earnings before interest and tax soaring by 139 per cent to €977 million in the 12 months ending September.

Revenue rose to a record €20.7 billion following a strong summer season, as fourth-quarter sales increased by 11 per cent to €8.5 billion.

“2023 was a good year for TUI,” Ebel said. “Hotels and cruises are growth areas and highly profitable. Other segments, like the tour operator business, are undergoing transformation in order to also return to very good profitability.”

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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