A record summer trading period has been reported by foreign exchange specialist Travelex despite a 3% drop in first-half profits to £48 million.
The company said it was confident that the full-year profit for 2010 would be higher than last year’s.
Travelex said it had made a strong start to the second half of the year and hoped to beat its 2009 full-year profits of £120 million.
Profits at the core currency services business were up by 18% in the June to August quarter, while its global business payments division and card and mobile payments business reported increases of 8% and 37% respectively.
The unlisted company, which is majority owned by private equity group Apax, has previously indicated that it could consider an initial public offering in the near future.
However, Travelex chief executive Peter Jackson refused to comment on the IPO when asked about it on this mroning’s Today programme on BBC Radio 4.
He claimed the upturn in business was down to a recovery in business travel and people going on holiday.