Thursday, February 8, 2024
Travelex, the global leader in travel money services, is pleased to announce its robust full-year results for the period ending 31 December 2023. The company has witnessed significant revenue and underlying EBITDA growth across all business segments, reflecting a positive trajectory for the future.
Financial Highlights:
The Group’s underlying EBITDA stands at £58.8 million, marking a remarkable 156% increase from £23.0 million in 2022 (£61.3 million, up 166% on a constant currency basis). This performance underscores Travelex’s ongoing recovery post-pandemic. Full-year revenues reached £534.2 million, up 24% year-on-year (£541.9 million, up 26% on a constant currency basis), with sustained growth anticipated. This growth is supported by an increase in passenger numbers, currently at approximately 87% of historical levels at the airports where Travelex operates.
Business Outlook:
Travelex is poised for further expansion across all business sectors, buoyed by several favorable trends, including:
The company is actively investing in initiatives to drive future growth, with a focus on enhancing the Travelex Money Card (TMC) and app to capture a larger share of the travel money market. Expansion into new countries, particularly in key travel corridors, and momentum in wholesale banknote trading are also driving growth opportunities.
Operational Highlights:
Travelex’s retail and outsourcing business, operating in over 20 countries with approximately 1,550 sites, has rebounded strongly, particularly in the Asia Pacific region, achieving 44% EBITDA growth since 2022. The company added over 65 new stores and recruited over 1,700 new employees in 2023, with plans for further expansion in 2024.
As the premier global provider of cash and card travel money solutions, Travelex expanded its card and app customer base by over 200,000 in 2023, reflecting a 70% year-on-year growth. The wholesale business also experienced significant growth, particularly in the UK, Africa, and Asia, with a 21% increase in EBITDA since 2022.
Looking ahead, Travelex expects to maintain its growth momentum, targeting underlying EBITDA between £65 million and £75 million in 2024. With continued investments and strategic initiatives, the company remains well-positioned to capitalize on evolving travel trends and drive future success.
Richard Wazacz, CEO of Travelex, commented:
“Over the last three years, Travelex has transformed into a stronger, more diversified business than ever before, whether through our own unrivalled branded store network, white-labelled offering in partners’ sites, or wholesale cash distribution. All of this has helped us to outperform in a strongly recovering travel market in 2023.
“Cash is still used by over 70% of travellers and demand for travel money is forecast to increase significantly over the medium term. We are ideally placed to take advantage of this growth thanks to our unique offering that combines the best of both cash and cards, in-store and online.
“Looking forward, global travel volumes are accelerating at pace thanks to strong demand from consumers making up for lost time post-Covid. To capitalise on this we have clear plans to grow our base of customers, open new sites, and move into new geographies. All of this gives us confidence that we will deliver another successful year of profitable growth.”
Tags: ebitda, Richard Wazacz, Travelex, Travelex Money Card
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