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Travelex up despite travel chaos

Travelex has revealed strong results for financial 2010 despite repeated chaos in the European travel industry.

Total revenue at the foreign exchange specialist increased 16 per cent to £739.7 million, while EBITDA was up nine per cent to £130.6 million – the second best performance in its 34 year history.

However, operating profit before depreciation, amortisation and impairment fell to £94.1 million, compared to £104.8 million in 2009.

This is despite disruption caused to aviation traffic by the Icelandic ash cloud, snow disruption, European strikes and a series of natural disasters in the past 12 months.

Travelex chief executive, Peter Jackson, said: “Our consumer focussed operations have continued to grow, opening 139 stores and over 100 ATMs over the year as well as renewing and winning some notable new contracts across the globe.

“We also benefited from much larger cash fulfilment volumes which have recovered from a poor 2009. The popularity of our pre-paid cards continues to grow with more people now relying on them for their FX requirements.”

New partnerships have included those with the universities of Oxford and Sydney, travel firms (including Flight Centre), outsourcers (including Capita Group, Ceridian & NorthgateArinso).

“Looking ahead, while global market conditions remain challenging, there is huge momentum across the business and we are well placed to continue our expansion through 2011,” added Jackson.

“The cash proceeds from the sale of our cards programme management business will provide further funds to make selective acquisitions, particularly in fast growing regions such as Asia and South America.”