“We are pleased that TUI shareholders followed our recommendation and voted in favor of delisting,” explained Mathias Kiep, CFO of the TUI Group. They also followed the suggestion of investors.
TUI is listed on the London Stock Exchange since the merger with its British subsidiary TUI Travel in 2014, as well as in Frankfurt and Hannover. The group announced their intention to return to Germany in December.
The rise continued in the first quarter of 2024
According to TUI, the next step will be the start of trading of TUI shares on the Prime Standard in Frankfurt at the beginning of April. The stock is expected to be listed on the MDAX on June 24, when trading in London will also end. TUI hopes that the main listing in Frankfurt will, among other things, simplify structures as well as centralize and improve liquidity.
Meanwhile, the tour operator continued in the first quarter of 2024 with the high performance of the previous year. According to the company, sales increased by 15 percent to €4.3 billion compared to the same quarter last year. For the financial year 2024, the group maintains its previous objectives: at least ten percent growth in sales and at least 25 percent growth in profits.
Due to seasonal factors, the travel group recorded a slight increase of six million euros in the first quarter. Last year, the first quarter produced a loss of 153 million euros. The number of guests increased six percent year-on-year to 3.5 million.
“We are on the right track, we are gaining customers and growing. “We are accelerating our transformation quarter after quarter,” explained CEO Sebastian Ebel. “People's great willingness to travel ensures strong economic development in all areas of the group in an environment that continues to be challenging.”
In fiscal year 2023, TUI achieved record sales of 20.7 billion euros. Net profit for the year ending in September reached almost 306 billion euros, approximately the same level as before the coronavirus crisis. During the pandemic, the group took advantage of billions in state aid from the Economic Stabilization Fund (FSM), but returned it in full last year.