Global travel money services firm Travelex International Group reporting strong full year revenue and growth across all business segments.
The Group reported underlying EBITDA of £58.8 million, up 156% on 2022.
Full year revenues were up 24% year-on-year, at £534.2 million and it expects continued growth.
Travelex says it is well-placed to deliver further gains, particularly with the continued growth in the travel cash market.
This is expected to grow at an average of 14% per annum between 2022-2028, it says.
The Group is investing in the Travelex Money Card (TMC) and app, which is says has potential to increase Travelex’s share of the overall travel money market.
There is also potential to expand both the retail cash and outsourcing offerings into new countries, Travelex says.
With these tailwinds, Tavelex expects to perform equally well in 2024 with an estimated underlying EBITDA of between £65 million and £75 million.
CEO Richard Wazacz said: “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.”
