TUI soars on the stock market after record sales in 2023

(AOF) – TUI jumped 10.49% to 6.57 euros in Frankfurt after posting a solid performance during its staggered 2023 financial year which ended at the end of September. The German tourism giant recorded an adjusted operating profit of 977.2 million euros, compared to 408.4 million euros in 2022. Its sales increased by 25% year-on-year, amounting to 20.7 billion euros, a historic level.

“Despite some investors’ concerns about potential headwinds from travel in the Middle East, FY24 guidance for EBIT is at least 7% higher than the prior financial year,” notes UBS. , which reiterated its Neutral recommendation on the file.

For the current year, the group expects growth of at least 25% in adjusted EBIT, and on average 7 to 10% over the medium term.

The tourism specialist welcomed 19.1 million customers during the 2023 financial year, compared to 16.7 million a year earlier. For winter 2023-2024, current reservations show an increase of 11% year-on-year, with average prices increased by 5%.

Considered withdrawal from London listing

“The current reservations for winter and the first indications for next summer give us hope for an even better year in 2024,” confirmed the group’s boss, Sebastian Ebel, in a press release.

TUI also said it plans to exit the London stock market and upgrade its listing in Frankfurt, where trading in its shares has increased significantly and where more of its investors are based.

This decision could be submitted to shareholders in February.

The dual listing of TUI, headquartered in Hannover, stems from the merger of its holiday activities with those of the British company First Choice Holidays in 2007, which gave birth to TUI Travel, listed in London. Seven years later, the two companies had merged completely.

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