Travelex full year results for the year to end December reflect strong revenue and underlying EBITDA growth across all segments. Underlying EBITDA of £58.8m, represents 156% growth on the prior fiscal year, up 166% on a constant currency basis.

Full year revenues are up 24% year-on-year, at £534.2m. Travelex forecasts continued growth, including from increased passenger numbers. The are currently running at around 87% of historical levels at the airports in which the group operates.

International travel to overtake pre-Covid levels by 2025

Travelex forecasts 1.25 billion outbound international trips in 2025 compared to 1.15 billion in 2019.

The growth in the travel cash market is anticipated to grow at an average of 14% per annum between 2022-2028. In addition, spend per visitor will continue to rise. And it says that there remains a long-term global demand for physical currency.

Future planned initiatives include an increased focus on the Travelex Money Card (TMC) and app. It says there is a significant opportunity to increase Travelex’s share of the overall travel money market by being a one-stop-shop for cash and card. In 2023, Travelex was successful in cross-selling the TMC to its existing walk-up customer base. This provides a secure and convenient way for customers to spend with multiple currencies.

70% y-o-y increase in card and app customer numbers

Travelex increased its card and app customer base by over 200,000 in 2023. This represents 70% year-on-year growth, including the successful launch of the TMC in Japan.

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Richard Wazacz, CEO of Travelex, said: “Over the last three years, Travelex has transformed into a stronger, more diversified business than ever before, whether through our own unrivalled branded store network, white-labelled offering in partners’ sites, or wholesale cash distribution. All of this has helped us to outperform in a strongly recovering travel market in 2023.

“Cash is still used by over 70% of travellers. Demand for travel money is forecast to increase significantly over the medium term. We are ideally placed to take advantage of this growth. Our unique offering combines the best of both cash and cards, in-store and online.

“Global travel volumes are accelerating at pace thanks to strong demand from consumers making up for lost time post-Covid. To capitalise on this, we have clear plans to grow our base of customers, open new sites, and move into new geographies. All of this gives us confidence that we will deliver another successful year of profitable growth.”