Foreign exchange giant Travelex is “well placed” to continue expansion in 2011 despite challenging world market conditions.
The message came as the company reported 2010 revenue was up by 16% to almost £740 million and a 9% rise in earnings before finance costs, tax, depreciation and amortisation (EBITDA) to a record £130.6 million.
Chief executive Peter Jackson said £30 million had been spent on expanding products and services last year with 139 new stores and more than 100 ATMs added last year.
“Looking ahead, while global market conditions remain challenging, there is huge momentum across the business and we are well placed to continue our expansion through 2011.”
The proceeds from the £290 million sales of the company’s cash passport management business, due to be completed by next month, will provide funds to make “selective acquisitions” in fast growing regions such as Asia and South America, Jackson said.