Travelex Lowers Earnings Forecast for 2021

Fazzaco learned that foreign exchange company Travelex Group has revised down its earnings forecast for 2021.

The brokerr expected the Travelex group's EBITDA for the financial year to 31 December 2021 to be in the range of £15 – £25 million below the financial forecast announced on 8th February 2021.

The shortfall predominantly relates to the slower than expected easing of travel restrictions particularly in Asia and ANZ regions where conservative government policies and closed borders are driving a six-month delay in recovery. UK and European markets are expected to recover first but still with a delay of up to three months against previous expectations.

The company is poised to release its Q1 2021 results on May 17, 2021.

​Fazzaco earlier reported that Travelex has successfully closed the raising of additional funds of £20 million​ through issuing an additional number of New Money Notes in a face value of £22.6 million and the connected issuance of ordinary shares in Travelex Topco Limited, which were stapled to the Additional New Money Notes.