FY 2018 - Travelex Press Release

03 Apr 2019

Travelex Results for the year ended 31 December 2018

03 April 2019

Travelex, a leading foreign exchange and international payments specialist, announces strong growth in profitability


Core Group Revenue (excl. disposed operations) up 5% to £825.9m, at constant exchange rate (CER)

Core Group EBITDA (excl. disposed operations) up by £11.4m from prior year to £79.8m, at CER

Revenue growth at CER driven by UK & Africa (up 4%), Japan, Australia and New Zealand (JANZ) (up 10%),  Middle East & Turkey (ME&T) (up 22%) and North America (up 7%)

We do not expect any material operational or regulatory impact from Brexit.  We will continue to closely monitor our currency exposures as Brexit events develop

Free cash balance of £87.6m at 31 December 2018. Net debt of £254.6m

Finablr Status

Travelex is a network company of the Finablr group, the global platform for cross-border payments and foreign exchange

Finablr continues to evaluate the option of a public listing

Tony D’Souza, Chief Executive, commented:


“Travelex has shown in 2018 that we can maintain the growth of the business whilst continuing to have a strong focus on increased EBITDA profitability.  Our financial performance has been strong in most regions through a combination of deepening our presence in key markets and targeting new markets with good growth potential.  We have also retained our commitment to a sustainable future through appropriate cost measures and maintaining high standards of compliance and controls.

As part of Finablr, Travelex will continue to build its international money transfer capabilities with on-going investment in our payments platform.

We see significant opportunities within Finablr for Travelex’s great team of people to build on our reputation as the most admired brand in foreign exchange.”




Andrea Gordon, Global Head of PR                                                                +44 (0) 20 7812 5500


Tulchan Communications

James Macey White / Jessica Reid                                                     +44 (0) 20 7353 4200



About Travelex

Headquartered in London, Travelex has a 140-year heritage in foreign currency, pioneering the travellers’ cheques of the past and the digital payments of the future. With a presence in over 70 countries, and over 1,200 stores at both on-airport and off-airport locations around the world, Travelex has distilled its expertise and experience into a platform that reinvents physical and digital cross-border money movement globally to ensure its clients remain one step ahead of the competition. The platform provides financial institutions with a trusted, efficient and accurate international money transfer service, plus secure and reliable banknote delivery of both major and exotic currencies.

A market leading independent foreign exchange specialist, the business covers the entire value chain of the retail foreign exchange industry. Travelex Group is also active in the remittances and payments space enabling physical and digital cross-border money movement for consumers and financial institutions.



Business Overview

Summary of financial performance

12 months


31 December



12 months ended

31 December




12 months


31 December

2018 (CER) £m

Change (CER)

Core Group Revenue (excl. disposed operations)






Core Group EBITDA (excl. disposed operations)






Statutory Revenue




Statutory EBITDA




Statutory loss after tax



Travelex has continued to deliver revenue growth, with Core Group Revenue excluding business disposals increased by £39.8m, or 5% at CER for the year ended 31 December 2018, positively impacted by the weakening of Sterling relative to the prior year. Underlying revenue was driven by 8% like-for-like Foreign Exchange Solutions growth with strong performance in ME&T (up 22%),   NAM (up 9%) and ANZ (up 5%). There was also 10% CER growth in our B2B and Payment solutions driven by new contract wins in Australia and Japan, growth in banknote supply to the rest of Africa and increases in Nigeria bureau de change orders.


Core Group EBITDA excluding disposed operations has increased by £11.4m, or 17% at CER for the year ended 31 December 2018. This is driven by revenue growth and slightly improved margin from 15.7% to 16.4% in the year.


Free cash has increased by £11.3m during 2018 with net debt reducing from £260.6m to £254.6m as at 31 December 2018. 


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