Revenue boost for Travelex

Revenue boost for Travelex

A 34% increase in global online sales helped boost revenues at foreign exchange giant Travelex last year.

Revenue rose by 9% to £586.7 million despite the short term impact of natural disasters in Australia, New Zealand and Japan.

UK sales were up by 13% with online accounting for 30% of UK sales.

Group profit came in at £377.6 million against a loss of £59.6 million in 2010, reflecting the exceptional profit on disposals to Western Union and MasterCard.

Chief executive Peter Jackson described 2011 as a “transitional year” for the company.

“Sales generated from our online channels grew significantly, up 34% allowing customers to benefit from the convenience of home delivery or store pick-up,” he said.

“An increasing number of our customers want to use their mobiles to order foreign exchange and top up their prepaid currency cards.

“Building our mobile capability and extending our prepaid currency card into new regions will continue to be a priority in the years ahead.

“Increasing customer awareness of the benefits of the Travelex Prepaid currency card as a means to manage currency spending abroad led to a 39% growth in sales.”

Jackson added: The UK, US and Australia represented the largest markets for the prepaid currency cards but there was also significant growth in the Netherlands and France.

“As well as investing in our online capability, we also opened new stores and ATMs at airports and tourist locations across the globe, as well as in supermarkets in the UK.

“In total, we added 133 new stores and 175 ATMs in the year. Our global network now comprises over 1,100 stores (including over 400 implant stores) and 850 Travelex ATMs in 23 countries.’

Looking forward, he admitted that global trading conditions remain “unquestionably challenging”.

Jackson said: We have a clear strategy focussed on extending our global footprint and investing further in our customer offering through ATMs, online and mobile.

“Despite these challenging trading conditions, I am confident that our strategy, together with our leading brand and talented team of people will generate further growth for our group over the long term.”


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