SHAREHOLDERS in travel giant Tui have voted unanimously in favour of the company ditching its listing on the London Stock Exchange.

Tui, which is currently dual-listed in London and Frankfurt, announced last night that investors had voted by a large majority (98.35%) to quit the UK capital.

The company's shares in London were down nearly 4%  at 555.5p at the time of writing this morning.

Tui said the next step will be the start of the trading of the Tui share in the Prime Standard in Frankfurt at the beginning of April. The share is expected to be admitted to the MDAX on June 4, at which point its listing in London will end.

The company had set out the case for leaving London to investors again yesterday, stating that it would simplify its structures and save money. Around 77% of Tui share transactions now take place on the Frankfurt exchange, with less than a quarter of trading in Tui shares taking place in the form of UK depositary interests.

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Tui chief financial officer Mathias Kiep said: “We are pleased that TUI's shareholders have followed our recommendation and voted in favour of the delisting. They have thus also followed the proposal of the investors who brought this issue to our attention last summer.

“Trading in the TUI share had already shifted to Germany to a large extent. The advantages of a main listing in Frankfurt are obvious: the structures are simplified, liquidity is centralised and improved in one trading venue and the simplified structure supports the EU requirements for ownership and control of our airlines. Nevertheless, the UK market remains one of our core activities and this has no impact on our strategy of a broad shareholder base.”

Ahead of the vote, Sophie Lund-Yates of stockbroker Hargreaves Lansdown said: “The added complexity and cost of maintaining dual listings since Brexit has seen others decide to go down a similar route. While it does little to change the business case, the optics for London are less than ideal.”

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On Monday the company, which sells package holidays and operates planes and cruise ships, reported record revenue and returned to the back for the first quarter as demand for holidays showed no signs of being dimmed by the ongoing cost of living crisis.

Tui reaffirmed guidance of an underlying profits increase of at least 25% year-on-year, and a revenue rise of 10%, against the backdrop of geopolitical uncertainty in the Middle East. The company said it was monitoring developments in the Middle East and the Arabian Peninsula and would divert resources away from the area close to Israel if conflict in the region escalates.