Travelex revenues jump one quarter as international travel rebounds and jet setters choose cash
London-based money transfer service Travelex has seen a 24 per cent jump in income as global travel made a strong post-pandemic return last year.
Full-year revenues for the 12 months of 2023 came in at £534.2m, a 24 per cent leap while underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at £58.8m, up 156 per cent on 2022 and is projected to hit between £65-£75m for 2024.
The group, which operates in 70 major international airports, said the rebound in international travel is set to continue and to overtake pre-Covid-19 levels by 2025, reaching 1.25bn outbound international trips compared to 1.15bn in 2019.
The company underwent a major re-structuring programme after it was forced into administration in July 2020, as a result of the travel shutdown through the coronavirus pandemic. As part of its recovery, it appointed a new chief executive, Richard Wazacz, in 2022.
He said today: “Looking forward, global travel volumes are accelerating at pace thanks to strong demand from consumers making up 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.”
Travelex is eyeing the expansion of its business beyond cold hard cash exchange for travellers, including a wholesale bank notes trade-in business and the Travelex Money Card (TMC) and app.