Tui on Monday reported lacklustre first-quarter results, ahead of its annual meeting on Wednesday at which John Fredriksen, the London-based investor who holds 16.8 per cent of stock, will ask fellow shareholders to oust chairman Jürgen Krumnow.

But people close to Tui said Mr Fredriksen was unlikely to succeed as investors backing Mr Krumnow held 35 per cent of stock, giving them an edge even if last year’s record turnout was again witnessed.