Tui shareholders have voted to ditch the London Stock Exchange in favour of Germany, in a major blow to the embattled bourse.
Shareholders voted 98.35 per cent in favour of the decision at the travel giant’s annual general meeting, having required 75 per cent backing for the plans to go through.
The move from Europe’s biggest travel operator is yet another kick in the teeth for London equity markets, following a difficult year.
Big players including the Cambridge chip giant Arm and London-based commodities broker Marex, have chosen to snub the UK capital in favour of New York.
Gambling giant Flutter also plans to move its primary listing to the Big Apple, after completing a secondary listing there last year. And YouGov and Plus500, two staples of the London market, are publicly considering an exit to sunnier shores.
Last year, only 23 firms listed on the London Stock Exchange, down from 45 in 2022 and 119 the prior year.
The airline and package holiday provider’s first quarter revenue came in at a historic €4.3bn (£3.66bn), up by 15 per cent year-on-year.
Shares rose as much as 6 per cent at market open, falling slightly to just above 3 per cent mid-morning ahead of the AGM.