Shares of Tui AG (LSE: TUI) jumped 9% on Wednesday after the tour operator swung to a €551 million pretax profit in the 2022 financial year and said it is considering delisting from the London Stock Exchange (LSE) in favour of a Frankfurt listing.
The FTSE 250 listed company reported a 25% increase in revenue to €20.67 billion year-on-year, with earnings significantly higher compared to last year’s €146 million loss. Tui also announced the appointment of David Schelp, previously CEO of its Tui Musement tours and activities division, as new chief executive officer of its Markets & Airlines business effective January 1st.
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Additionally, Tui said it has been approached by shareholders to discuss whether its LSE listing structure is “optimal and advantageous” and is considering upgrading to a “Prime Standard” listing in Frankfurt with inclusion on the MDAX index. A resolution may be put forward at its next annual general meeting in February.
The company cited the strong full-year results and continued growth and improvements across its divisions for its optimistic outlook. Tui said it expects revenue to increase by at least 10% this financial year, with underlying EBIT to rise by at least 25% year-on-year. While noting the current macro environment, Tui said overall customer demand remains strong.
