Travelex Half Year Results 2019 - Press Release

21 Aug 2019

Travelex results for the half year ended 30 June 2019

 21 August 2019

Travelex, a leading foreign exchange and international payments specialist, announces its results for the half year ended 30 June 2019

Highlights

 

  • Core Group Revenue (excl. disposed operations) up 2% to £379.2m, at constant exchange rate (CER)
  • Core Group EBITDA (excl. disposed operations) £2.0m ahead of prior year at £26.1m, at CER
  • Revenue growth at CER driven by UK & Africa (5%) and Asia (6%)
  • Free cash balance of £70.6m at 30 June 2019. Net debt of £296.3m
  • Successful renewal of existing foreign exchange, ATM, and VAT refund contract with Heathrow on 31 July 2019 to Q1 March 2024
  •  Following shareholder loan restructuring, the Travelex Group's borrowings position has reduced by £1,100m with a corresponding increase in equity
  • Travelex continue to monitor Brexit developments to ensure our operational readiness plans are in place 

 

Tony D’Souza, Travelex Chief Executive, commented

“Travelex’s second quarter of 2019 has shown that we are able to increase EBITDA whilst still maintaining growth.  The successful renewal of our contract with Heathrow demonstrates that we are retaining our reputation as the most admired brand in foreign exchange.

As part of the listed Finablr Group, Travelex will continue to cover the entire value chain of the retail foreign exchange industry in parallel with building the digital payments platform of the future.

 

Enquiries

Travelex

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

 

Brunswick Group                                                                                              +44 (0) 207 404 5959

Brian Buckley, Gill Ackers, Alex Blake-Milton

 

 

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

 

 Half year

ended

30 June

2018

£m

Half year ended

30 June

2019

£m

Change

Half year

ended

30 June 2019 (CER) £m

Change (CER)

Core Group Revenue (excl. disposed operations)

371.1

381.6

3%

379.2

2%

Core Group EBITDA (excl. disposed operations)

24.1

26.2

2.1

26.1

2.0

Statutory Revenue

341.3

351.0

3%

Statutory EBITDA

21.2

70.7

Statutory loss after tax

(58.4)

(52.0)

31 Dec  2018

30 Jun  2019

Free cash

87.6

70.6

Net debt

(254.6)

(296.3)

Travelex has continued to deliver revenue growth, with Core Group Revenue excluding business disposals increasing by £8.1m, or 2% at CER for the half year ended 30 June 2019. Core Group Revenue growth was driven by strong performance in Asia (up 6%), ME&T (up 1%), Brazil (up 1%) and UK & Africa (up 5%), partially offset by softer performance in ANZ (-3%), on a CER basis. Europe and NAM remained flat at CER.

 

Core Group EBITDA excluding disposed operations has increased by £2.0m for the half year on a CER basis.

Free cash has decreased by £17.0m since 31 December 2018 primarily due to the cash impact of movements in inventory and working capital, which decreased by £25.1m.

 

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