Summer trading highlights*
â¢ Currency Services: Revenue up 16% year on year, EBITDA up 18% year on year
- Retail has seen its fourth consecutive year of growth
â¢ Global Business Payments: Revenue up 15% year on year, EBITDA up 8% year on year
- Record summer transactions â up 25%
â¢ Card and Mobile Payments: Revenue up 25% year on year, EBITDA up 37% year on year
- August â included record trading days since the launch of Cash Passport
Peter Jackson, Chief Executive of Travelex commented: âIt is a great achievement to produce these strong results against a difficult market background. This performance is a testament to the strength and profile of the Travelex brand and the high quality of people in the business and is allowing us to make significant investment across the group. We enter the second half of the year in a strong financial position and with record breaking summer trading results we are confident of a good full year performance.â
*Note: Summer trading results are based on average 2009 exchange rates
Half year results
Travelex has demonstrated tremendous resilience during the financial crisis and the business is in a healthy financial and commercial position and is well set to benefit from sustained growth.
â¢ Strong performance with revenue up 16% to Â£343m.
â¢ Underlying EBITDA growth up over 10%. Reported EBITDA of Â£48million - down 3% year on year, following significant investment in the business in the first half. During the crucial summer trading period we overtook last yearâs EBITDA performance, and are now ahead year on year.
â¢ Strong cash flow â Travelex is meeting all bank covenants and is funding a significant investment program entirely from internal resources.
â¢ Good results from all business driven by geographic expansion, innovation and increasing the routes to market
â¢ Currency Services
- Strong performance across all regions despite impact of volcanic ash and airline strikes
- Continued investment in retail stores, ATMs and supermarket channels
â¢ Global Business Payments
- Good outcome from UK and Europe, offsetting Americas where economic recovery is soft
- Investment in infrastructure and sales workforce is positioning the business well for future
â¢ Card and Mobile Payments
- Excellent result driven by large increase in number of Cash Passports issued
- Benefiting from expansion into new territories