Europe’s leading tour company could quit the London Stock Exchange

London (CNN) — Tui, one of the world’s largest tour operators, is weighing whether to leave the London Stock Exchange in what would be another blow to the city’s standing as a global financial center.

The German company, which is dual-listed in London and Frankfurt, said in a statement Wednesday that it had been approached by some shareholders to discuss “whether the current listing structure is optimal” and whether a “delisting from the London Stock Exchange would be in the best interest of shareholders.”

It added that a significant share of the trading in its stock had migrated from the United Kingdom to Germany in the past four years. Potential advantages of a single listing in Frankfurt include “the centralization of liquidity, a clearer investment profile… as well as reducing costs,” Tui said, stressing that “no decision has been taken.”

The board is considering whether to hold a vote on the delisting at the company’s annual shareholder meeting in February.

The announcement will resurface fears for the future of Britain’s main stock exchange which has seen several companies move their primary listings to New York or choose Wall Street for going public over the past 18 months — most notably Softbank-backed chipmaker ARM Holdings (ARM), the crown jewel of the UK tech sector.

Tui delisting “would be a major blow to the London Stock Exchange, which has been grappling with an exodus of companies, as well as the weak performance for London-listed stocks,” Victoria Scholar, head of investment at online investment platform Interactive Investor, said in a note.

Having been streaks ahead of other European capitals for decades, London is now competing head-to-head with the likes of Amsterdam and Paris, vying for position as Europe’s largest share trading center and most valuable stock market.

Headquartered in Hanover, Tui owns more than 400 hotels, 16 cruise ships, five airlines and 1,200 travel agencies. The group has 21 million customers and employs more than 60,000 staff, according to its website.

Tui, which has a market value of €3.2 billion ($3.5 billion), reported revenue of €20.7 billion ($22.3 billion) for the year to September 30 Wednesday — 25% ahead of the previous year and a new record.

Underlying operating earnings more than doubled to €977 million ($1 billion).

The company also forecast robust growth in its market share, sales and profit for the current financial year. “The current winter bookings and the first indications for next summer lead us to expect a further improvement in 2024,” said CEO Sebastian Ebel.

Tui’s shares gained almost 10% in London Wednesday, but are still down about 28% this year, “reflecting investor concern about its giant pile of debt” and a decision to issue shares at a discount earlier in the year to try and pay off those debts, according to Scholar.

“Its year-end net debt stands at €2.1 billion ($2.3 billion), although this is a considerable €1.3 billion ($1.4 billion) less than the previous year,” she said.

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