Travelex Holdings Limited Q3 2019 - Press Release

21 Nov 2019

Travelex results for the nine months ended 30 September 2019

21 November 2019

Travelex, a leading foreign exchange and international payments specialist, announces its results for the nine months ended 30 September 2019

Highlights

Core Group Revenue (excl. disposed operations) up 1% to £607.7m, at constant exchange rates (CER)

Core Group EBITDA (excl. disposed operations) £0.4m ahead of prior year at £61.3m CER

Free cash balance of £108.6m as at 30 September 2019. Net debt of £256.5m

Successful launch of seamless and secure cross-border payments in partnership with Samsung Pay in the US market in October

Tony D’Souza, Travelex Chief Executive, commented:

 

Travelex’s performance was resilient in the first nine months of 2019.

Travelex successfully maintained its leading position in retail foreign exchange and continued to develop its cross-border payments capabilities, as evidenced by the exciting new partnership with Samsung in the U.S., announced last month.  This has combined with our ability to win and renew mandates in Travelex’s core retail and corporate offerings, and generate increased revenues despite the challenging environment.

 

Enquiries

Ryan Ayache, Finablr PLC Head of Investor Relations                                  +971 56 681 53 21

 

About Travelex

Travelex is a Finablr Group company with a 140-year heritage in foreign currency, pioneering the travellers’ cheques of the past and the digital payments of the future. Headquartered in London 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

Nine months

ended

30 Sep

2018

£m

Nine months

ended

30 Sep

2019

£m

Change

Nine months

ended

30 Sep

2019

(CER) £m

Change (CER)

Core Group Revenue (excl. disposed operations)

600.7

615.9

3%

607.7

1%

Core Group EBITDA (excl. disposed operations)

60.9

62.7

1.8

61.3

0.4

Statutory Revenue

551.3

566.6

Statutory EBITDA

54.3

133.7

Statutory loss after tax

(69.6)

(44.9)

31 Dec  2018

30 Sep  2019

Free cash

87.6

108.6

Net debt

(254.6)

(256.5)

Travelex continues to deliver revenue growth, with Core Group Revenue excluding disposed operations increasing by £7.0m, or 1% at CER, for the nine months ended 30 September 2019. Core Group Revenue growth was driven by Asia (up 9%, despite offset from continuing disruption in the Hong Kong market), UK & Africa (up 3%), partially offset by lower year-on-year performance in Middle East & Turkey (down 7%) as a result of the closure of Ataturk Airport in Turkey in Q2 2019 and macro-economic factors in Australia & New Zealand (down 3%) on a CER basis. North America was down by 1% and Europe remained flat at CER.

 

Core Group EBITDA excluding disposed operations increased by £0.4m on a CER basis as a result of the increase in revenue.

Free cash has increased by £21.0m since 31 December 2018, primarily due to cash inflow from attributable operations, partially offset by net outflow in cash inventory and working capital.

 

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