Travelex Sees A 55% Revenue Increase in Q2

Travelex, a foreign exchange company that issues prepaid credit cards for use by travellers, and supplies central banks with foreign currency and global remittance, released its financial results for the second quarter of 2022, and the revenues shot up to £106.8 million, a 55% improvement over Q1 results.

In particular, the business produced positive underlying EBITDA in Q2 2022 of £8.4 million, the first such quarter since 2019, £27 million in favor of Q2 2021, and just £2.3 million less than in Q2 2019 despite the lower revenue. EBITDA for the first half was £1.7 million, which was only £3.8 million less than in 2019 and £40.8 million more favorable to 2021.

As the effects of the Covid-19 have subsided and travel restrictions have been lifted in the majority of the important markets, the improved revenue performance has been driven by a rapid resumption of revenues from the beginning of 2022.

After the £70 million extra New Money Notes that were released in the first half of 2022, no additional taps are anticipated for the year. Proceeds were used to meet working capital requirements for the business's recovery in revenue and quick return of overseas travel, especially in Q2.

"We are delighted to be back on a firm financial footing, and our positive Q2 results are testament to the hard work of every member of the Travelex team – all of whom have helped drive the company forward through challenging conditions in recent times. With travel returning and Travelex creating more than 1,200 jobs worldwide, coupled with the development of new digital solutions, we are both optimistic for the future of the business and hugely excited to serve our customers in new ways," said Richard Wazacz, Travelex CEO.