Travel giant TUI is considering leaving the London Stock Exchange in favour of listing elsewhere.

A move to Frankfurt, where it already has a secondary listing, would require 75% of the company's shareholders to give it the greenlight.

Chief financial officer Mathias Kiep said more than three quarters of TUI's shares were held by German investors and three quarters of trading in its stock was on that market.

The company is considering whether to put the plan to shareholders next year, though insists the move is not due to Brexit and has "no political background".

It comes as the holiday giant posted a huge increase in profit, doubling last years.

Underlying profit for the year ending September 30 was £837.3m, up from last years £350.5m.

The company is also expecting profit to jump a further 25% next year as post-pandemic demand for sun soars.

FTSE 100

The UK's flagship share index, the FTSE100, was down 22-points at 7,492 shortly after opening this morning.

Meanwhile, Brent crude futures were up 0.55% at $77.71 a barrel this morning.

Companies reporting today

  • AJ Bell - Full year results
  • Balfour Beatty - Q4 trading statement
  • DS Smith - Half year results
  • Frasers - Half year results
  • Future - Half year results

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