Travelex Group Witnesses 71% YoY Boom in Net Revenue for Q1 2023

The foreign exchange company Travelex Group​ has released its financial results for the first quarter of 2023, unveiling a strong performance for the period, with net revenue up 71% on a yearly basis.

The Q1 2023 net revenue came in at £117.4 million, £48.6 million more than £68.8 million in Q1 2022. Underlying EBITDA was £4.2 million, surging significantly of 162% over the last same period.

Costs in the quarter reached £113.2 million, compared to that of Q1 2022 at £75.5 million, reflecting higher variable trading costs in line with the improved revenue performance and further investment in staff costs to support growth. Capex also increased to £2.9 million from Q1 2022's £1.9 million.

Besides, free cash declined to £17.0 million from £30.3 million in the last same period, as the group has invested in cash in tills and vaults across the Retail and Wholesale networks to meet increased demand.