<p>New Travelex Group, the restructured business of <a href=”https://www.financemagnates.com/tag/travelex/” target=”_blank” rel=”follow”>Travelex</a>, published its financials for the third quarter of 2022, reporting revenues of £129.6 million. The figure has increased by 160 percent from 2021 but declined by 17 percent from 2019.</p><p>The year-to-date revenue at the end of September came in at £305.1 million, compared to £108.9 million in 2021 and £405.7 million in 2019. </p><p>”The positive increase in revenues were driven by the first peak summer trading period without major travel restrictions in the majority of markets in which Travelex operates,” the company stated.</p><p>”Brazil and ME&T both exceeded 2019 levels with recovery fully complete in these markets. UK, Europe, and ANZ continued to improve on the Q2 performance as they benefitted from the significant pent-up demand for travel. China and Hong Kong remained challenged as they continued with restrictions.”</p><p>Along with the higher quarterly revenue, the company’s costs also increased. Travelex ended the quarter with a total cost of £112.3 million, which was at £56.9 million in 2021 and £134.8 million in 2019.</p><p>The underlying EBITDA of the Group in the quarter came in at £17.2 million, thus making it the second consecutive quarter with a positive figure. In the same quarter of the previous year, the EBITDA was at a negative £7.1 million, while it was at a positive £20.4 million in 2019.</p><p>A Restructured Business</p><p>Travelex restructured its business in August 2020 following the impact on its operations from the implications of the Covid-19 pandemic on the travel industry. The holders of Travelex’s secured notes, who participated in <a href=”https://www.financemagnates.com/fintech/payments/travelex-initiates-debt-restructuring-with-84-million-funding/” target=”_blank” rel=”follow”>providing £84 million of new money</a> to the group, acquired the restructured Travelex business.</p><p>Earlier this year, Travelex onboarded <a href=”https://www.financemagnates.com/executives/moves/travelex-secures-mark-freedman-as-its-new-chief-financial-officer/” target=”_blank” rel=”follow”>Mark Freedman</a>, an industry veteran with over 28 years of experience, as the Chief Financial Officer.</p><p>The United Kingdom-headquartered company is now expecting to close 2022 with an underlying EBITDA of £25 million to £27 million, significantly higher than the previous guidance. For 2023, the group is eying at an EBITDA of between £60 million to £70 million.</p>
This article was written by Arnab Shome at www.financemagnates.com.
