LONDON (Alliance News) - Newly listed cross border payments company Finablr PLC said Thursday its year-to-date trading was in line with management expectations and has reaffirmed its "confidence" in meeting its medium-term guidance.
Finablr owns foreign exchange business Travelex and said the unit's trading in the year-to-date was also in line with management expectations.
In the three months to March 31, Travelex generated revenue of GBP159.4 million, a 1.9% rise year on year. The unit's pretax loss widened to GBP33.5 million in the first quarter from GBP33.3 million the year before.
Travelex said its revenue is "generally lower" in the first quarter due to a "significant" part of its business - the leisure industry - is quiet in the period but "particularly active" in the northern hemisphere summer season.
At constant exchange rates, the revenue growth was driven by a "strong performance" in the Middle East & Turkey which grew 14% year on year. Travelex's UK & Africa business was up 8% year on year at constant exchange rates.
Travelex reported first quarter core earnings before interest, tax, depreciation and amortization of GBP2.5 million, more than double the GBP1.4 million reported in the same period a year earlier.
Finablr said Travelex's three month performance was in line with guidance set out at the company's recent IPO.
Shares in Finablr were down 1.0% Thursday at 166.20 pence each. The company set an IPO price of 175p a share but ended its first day of trading at 163p.
