30 May 2019 07:31
30 May 2019
Finablr PLC ("the Group")
Travelex results release for the three months ended 31 March 2019
Travelex, one of Finablr's network brands, today released results for the three months ended 31 March 2019. Travelex reports its financial results each quarter for holders of senior secured notes issued in May 2017 and maturing on 15 May 2022.
Travelex results - Financial and Operational Highlights
Core Travelex¹ Revenue (excluding disposed operation) grew 3% to £174.5 million from £169.5 million, at constant exchange rate² ("CER"), driven by a strong performance across geographies with Middle East and Turkey (ME&T) up 14% and UK & Africa up 8%. Core Travelex EBITDA (excluding disposed operations) grew 107% year on year to £2.9 million from £1.4 million at CER.
Travelex's year-to-date trading is in line with management expectations and consistent with the guidance set out for the Group at IPO. Travelex's revenue is generally lower for the first quarter of the year because a significant part of its business serves the leisure segment of the travel industry, which is particularly active during the summer season in the Northern hemisphere.
Full details of Travelex's results released today can be found on the Travelex Investor Relations website (http://www.travelex-corporate.com/EN/InvestorRelations/).
For further information on Travelex's place in the Finablr group (including with respect to the segments on which Finablr intends to report in the future), please see the Finablr PLC prospectus published on 15 May 2019.
Travelex results - Financial Summary (excl. disposed operations)
For the three months ended 31 March | |||||||||
(G.B. £ millions) | 2018 | 2019 | Change | 2019 CER2 | Change | ||||
Core Travelex Revenue 1,4............................. | 169.5 | 174.5 | 3% | 174.5 | 3% | ||||
Core Travelex EBITDA 1,3,4........................... | 1.4 | 2.5 | 79% | 2.9 | 107% | ||||
1. Core Travelex metrics include 100% of Revenue and EBITDA from Joint Ventures and Travelex's French business which was sold to UAE Exchange Limited, a company of which Dr Shetty is also a shareholder. The French business remains in the Core Group results for management discussion and analysis purposes but is excluded from the Group's statutory results
2. Results at constant exchange rates (CER) are Core Group metrics retranslated at the average rates for the equivalent period in 2018
3. EBITDA is presented before exceptional items and non-underlying adjustments
4. Core Travelex excluding disposed operation metrics exclude the results of Travelex Africa Foreign Exchange Proprietary Limited which was disposed of on 1 January 2019
Finablr - Current Trading and Prospects
Year-to-date trading for the Group has continued to meet management's expectations and reaffirms management's confidence in its medium-term guidance.
Enquiries
Finablr PLC +971 2 3073 114
Faiz Akbar Habib
Brunswick Group +44 207 404 5959
Brian Buckley, Gill Ackers, Alex Blake-Milton
Finablr Overview
Finablr (www.finablr.com) is a global platform which provides Cross-Border Payments and Consumer Solutions, Consumer Foreign Exchange Solutions and B2B and Payment Technology Solutions to consumers and businesses in the large and growing payments and foreign exchange market. In the year ended 31 December 2018, Finablr processed more than 150 million transactions and the U.S. dollar equivalent of U.S.$114.5 billion in volumes, touching over a billion lives. As at 31 December 2018, the Group had more than 23 million retail customers and was serving over 1,500 corporate and institutional partners, including banks, financial institutions, supermarkets, foreign exchange specialists, mobile wallet operators and payments and technology companies such as Google India and WeChat Pay.