Travelex completes successful turnaround with positive Q3 results
29 Nov 2022
Positive EBITDA and revenue growth underline FX leader’s recovery following pandemic and company restructuring
Travelex, a market leading foreign exchange brand, today announces results for the third quarter of 2022, with a positive EBITDA and strong revenue growth underlining the company’s successful turnaround following the Covid-19 pandemic and company restructuring.
In Q3 2022, the New Travelex Group generated revenues of £129.6m, £79.7m higher than 2021 and 83% of 2019. Recovery vs. 2019 continues to improve with YTD now only 25% behind 2019 (compared to 30% at the end of Q2). The Group produced a positive underlying EBITDA of £17.2m in Q3, continuing the trend of a return to positive underlying EBITDA from Q2. Q3 was £24.3m favourable to 2021 and only £3.1m behind 2019.
The figures follow the company’s announcement of 1,200 new international jobs being created and a series of major new contract wins and renewals across the APAC, Europe, MET, Brazil and UK regions earlier this year.
These wins and renewals include the launch of a full range of bureaux and ATM services at London Stansted Airport, the UK’s fourth largest airport, signed contract renewals with two leading UK supermarkets, and new stores or contracts at Edinburgh, Glasgow, Belfast, Adelaide, Brisbane, Cairns, Frankfurt, Cologne, Zurich, Dubai, Hamad International, Singapore Changi and Kuala Lumpur airports, amongst others.
Over the last twelve months the company has also been heavily investing in new digital solutions to help diversify customers’ access to international money. This includes the launch of two new concept stores at Amsterdam Airport Schiphol featuring a hybrid self-service/manned ‘open bureau’ layout. In August 2022 Travelex launched the Foreign Exchange industry’s first ever ATM click & collect service at Heathrow Terminal 5 and Brisbane Airport, enabling customers to pre-order currency online at Travelex’s best possible rate before collecting it contact free from an airport ATM.
Travelex’s figures also come amid a strong recovery for the air travel industry, with the latest IATA passenger data for September 2022 shows that international air traffic was up 122.2% versus September 2021. International air traffic is now at 69.9% of September 2019 levels.
Richard Wazacz, Travelex CEO, said:
“We are delighted to be back on a firmer financial footing, and our positive Q3 results are testament to the hard work of every member of the Travelex team - all of whom have helped drive the company forward through challenging conditions in recent times.
“With travel returning and Travelex hiring more than 1,200 jobs worldwide, coupled with our increasing investment into new digital solutions, we are both optimistic for the future of the business and hugely excited to serve our customers in new ways.”
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NOTES TO EDITORS
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis - including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.