(Alliance News) - Tui AG on Tuesday reported a "record" performance in its financial first quarter, including its first-ever underlying profit in the traditionally slow period for travel operators.

The Hannover, Germany-based holiday firm operates Hotels & Resorts, Cruises, Markets & Airlines, and the Tui Musement tours and activities businesses under the Tui, Hapag-Lloyd and First Choice brands.

Tui is holding its annual general meeting on Tuesday, at which shareholders will be asked to approve its plan to delist from the London Stock Exchange, while upgrading to a 'Prime Standard' listing in Frankfurt with inclusion on the MDAX index of German mid-cap stocks. The plan, announced early last month, is to achieve "centralisation of liquidity" for Tui shares.

Its pretax loss narrowed to EUR103.1 million in the three months that ended December 31 from EUR272.6 million a year before, as revenue rose by 15% to a "record" EUR4.30 billion from EUR3.75 billion.

Underlying earnings before interest and tax were EUR6.0 million, swung from a EUR153.0 million Ebit loss a year before.

In response the first-quarter performance, Tui on Tuesday reaffirmed its financial 2024 guidance of increasing underlying Ebit by at least 25%. In financial 2023, underlying Ebit was EUR977 million.

Tui also expects revenue to increase by at least 10% this year from EUR20.67 billion last year.

By Tom Waite, Alliance News editor

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