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Tui AG on Wednesday said it may move its shares to Frankfurt from London for a more ‘advantageous’ listing structure, and announced the appointment of a new Markets & Airlines chief executive officer. Shares in Tui were up 7.6% at 551.00 pence early on Wednesday in London. The Hannover, Germany-based tour operator said it swung to an €551 million pretax profit in the financial year that ended on September 30, following an €146 million loss the prior year. Revenue jumped 25% to €20.67 billion from €16.55 billion. Reported earnings before interest and tax more than tripled to €999 million, and Tui swung to underlying earnings of €0.74 per share from an €0.45 loss. The strong full-year results, Tui said, were supported by continued growth in the fourth quarter across its Holiday Experiences segments alongside continued operational improvements in its Markets & Airlines division, where higher prices supported ongoing positive momentum in Winter bookings. Markets & Airlines also gained a new CEO, with Tui announcing that David Burling will resign on January 5, having served in the role since June 2018 and worked at the company since 1990. Tui also named David Schelp as the new Markets & Airlines CEO with effect from January 1. Schelp worked at Tui between 2002 and May 2022, and from April 2018 served as CEO of tours and activities business Tui Musement. Since July 2022 he has been the CEO and co-owner of ’city pass’ travel provider Turbopass GmbH. Finally on Wednesday, Tui said it has been approached by shareholders to discuss whether its listing structure is as ‘optimal and advantageous’ as it could be. Tui is as a result considering delisting from the London Stock Exchange and upgrading to a ‘Prime Standard’ listing in Frankfurt with inclusion on the MDAX index, and may put forward a resolution on the subject at its next annual general meeting in February. Looking ahead, for the current financial year Tui expects revenue to be up at least 10%, and for underlying Ebit to increase by at least 25%. The current macroeconomic and geopolitical environment did not appear to curb its optimism, with current Middle East conflict only causing a ‘temporary slight slowing of bookings to Egypt’ and overall customer demand remaining strong. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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