13 February 2024 , 09:26
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Travel company Tui has asked its shareholders to vote in favour of dropping the company's London listing and focusing solely on Germany.
The firm believes that this move would bring "understandable advantages" as most of the liquidity of the TUI share has shifted to Germany. Shareholders are due to vote on the plan to drop the London listing at a meeting later today in Hanover.
A majority of three quarters is needed for the plan to be approved. Tui also revealed that it had reduced its pre-tax loss from 272.6 million euros (£232.3 million) in the final three months of 2022 to 103.1 million euros (£87.9 million) in the same period in 2023.
During this time, the company made its "highest ever revenues" of 4.3 billion euros (£3.7 billion), a rise of 14.7% compared to the previous year. Around 3.5 million customers used Tui's services, which include planes, cruise ships and package holidays. This is a 6% increase on the year before, despite prices increasing.
"Average selling price continues to hold up well, highlighting the strong demand for our products and the consumers' continued willingness to prioritise spend on travel and holidays," said the company. The firm also said it was prepared to redirect resources from areas near Israel if conflicts intensify.
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The company said: "We continue to monitor developments both in the Middle East and around the Arabian Peninsula. We will retain the option to flexibly adjust capacity from the eastern to western Mediterranean should there be a further escalation of the conflict in this region which has a significant and prolonged effect on customer demand."
CEO Sebastian Ebel expressed: "We are on track, we are gaining customers and we are growing. We are accelerating our transformation quarter by quarter. We have goals that we are consistently implementing."
"In a persistently challenging environment, people's high willingness to travel ensures strong economic development in all areas of the Group. This reiterates our expectations for the year as a whole: We want to increase our revenue by at least 10 per cent and our operating result by at least 25 per cent."