Travelex full year results for the twelve months ended 31 December 2013

Travelex full year results for the twelve months ended 31 December 2013

10 March 2014

Financial Highlights

  • Strong financial performance
    • Core Group Income up 12% to £695.0m (2012: £618.8m)
    • Core Group EBITDA up 21% to £80.1m (2012: £66.1m)
    • Statutory Group Income up 12% to £639.6m (2012: £570.9m)
    • Statutory Group EBITDA up 0.7% to £44.5m (2012: £44.2m)
  • Growth across all business segments including Retail, Wholesale & Outsourcing and Payments & Technology
  • Retail like-for-like growth in Core Group Income of 6%
  • Acquisition of 49% of Grupo Confidence, Brazil’s largest foreign exchange provider, completed in April 2013, contributing to the significant improvement in financial performance
  • Acquisition of the remaining 20% share of Travelex Currency Services Limited (TCS) 

Operating Highlights

Significant progress against our four key strategic priorities:

  • Depth – expanding distribution and business models in existing countries
    • Roll out of global e-commerce capability to India, Czech Republic and Hong Kong  now covering 21 markets in total
    • Online and mobile sales up 18% globally
    • Multi-Currency card launched in the USA and Japan, and significant take up in the UK
  • Breadth – new markets
    • New retail operations in Panama in 2013 and Guam in early 2014
    • Significant contribution from wholesale business in Malaysia which opened in 2012
  • Develop payments propositions
    • Travelex International Payments, our online consumer payments business, launched in Australia and New Zealand during 2013 and in the US and Canada in early 2014
  • Leveraging our scale
    • Rollout of Global Channel and Sales Effectiveness (GCSE) programme to drive effectiveness of frontline retail operations and leverage global scale and expertise

Commenting on the results, Peter Jackson, Chief Executive, said: 

“This has been another strong performance from across the group with Core Group Income and Core Group EBITDA up 12% and 21%, respectively. There is good momentum in our retail business as we drive our best practice initiatives on a global scale and manage some significant contract renewals. We have continued to expand into new and fast growing territories in addition to growing our online and mobile platform. We have maintained our focus on developing new and innovative products, such as our Multi-Currency card and consumer payments offering, and we look forward to rolling these out further in the year ahead. Our Wholesale & Outsourcing business has also continued to show good underlying growth and now contributes close to 40% of our Core Group EBITDA, before Central & Shared costs. 

“We have made a good start to 2014, with performance in line with management expectations despite the impact on our business in Brazil from the recent tax change on the use of prepaid cards abroad. The strength of our brand and breadth of our operations ensure that we are well positioned to manage through the cycle of contract renewals and potential pressure on margins. 

“The secular growth in international travel continues to drive increasing demand for foreign exchange services and higher transaction values through our stores and online. With this positive backdrop and our strong financial performance, we are currently evaluating our strategic options which may include an IPO. 

“Looking ahead, we have a clear strategy, increasing depth through distribution and product range; increasing breadth through new country entry; developing our payments business and building on scale advantages.”



Travelex  +44 20 7400 4000
Dani Filer, Global Head of Communications 

Tulchan Communications  +44 20 7353 4200
Peter Hewer/Susanna Voyle

About Travelex 

Founded in 1976, Travelex has grown to become the world's leading specialist provider of foreign exchange. Travelex provides cash and pre-paid cards through over 37 million retail transactions each year through a network of over 1,500 stores and over 1,250 ATMs in 27 countries.

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