Travelex Sees Revenue of £54.9 Million in H1 2021

Travelex, a market leading specialist provider of foreign exchange, announced that it has released its half-yearly financials for the first six months of 2021, ending on June 30. It reported a significant drop in its revenue, driven by public health policy and travel restrictions.

Wanna be the Next Cover Person of Fazzaco Magazine?

According to the figures, the company generated total revenue of £54.9 million for H1 2021 in the six month period, which is 21% of the result reported for the same period in 2019 and 45% lower than the result reported for the same period in 2020.

For H1 2021, Travelex reported an EBITDA loss of £39.7 million as travel restrictions eased marginally. Cost mitigations have partially offset the revenue loss, resulting in EBITDA being £45.7m behind 2019 with significant success on targeting, and exceeding, £463m of cost reductions across the continuing group over 2 years.

In addition, the company reported that its gross debt at 30 June was £187.3m. Its staff numbers are 50% lower than in 2019 as a result of three successive rounds of people reductions in 2020 across the continuing group.

As Fazzaco reported earlier, Travelex has completed additional financing of £25 million ​through issuing an additional number of new money notes (in a face value amount of approximately £27.5 million) and the related issuance of ordinary shares in its subsidiary, Travelex Topco Limited.