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Summer recovery helps boost Travelex revenues

A range of foreign exchange bureaux and ATM services at Stansted have been introduced by Travelex as it hires 1,200 staff worldwide.

The company has also signed for new stores or contracts at other airports including Edinburgh, Glasgow, Belfast, Adelaide, Brisbane, Cairns, Frankfurt, Cologne, Zurich, Dubai, Hamad International, Singapore Changi and Kuala Lumpur.

The expansion was disclosed as Travelex revealed that summer quarter revenues of almost £130 million reached 83% of the same period in pre-pandemic 2019.

Year to date revenues are now 25% behind 2019 with third quarter underlying earnings [ebitda] of £17.2 million, £3.1 million off the equivalent pre-Covid level.

The positive earnings and strong revenue growth underlined the company’s turnaround following the pandemic and  restructuring, the company said.

Chief executive Richard Wazacz said: “We are delighted to be back on a firmer financial footing, and our positive Q3 results are testament to the hard work of every member of the Travelex team – all of whom have helped drive the company forward through challenging conditions in recent times. 

“With travel returning and Travelex hiring more than 1,200 jobs worldwide, coupled with our increasing investment into new digital solutions, we are both optimistic for the future of the business and hugely excited to serve our customers in new ways.”

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