Travelex moves in the right direction despite the strong pound taking shine off surging earnings

Michael Bow
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FOREIGN exchange group Travelex yesterday said it delivered solid sales momentum last quarter despite the strong pound curtailing stronger core revenue growth.

The company, which is mulling plans to float on London’s stock market this year, said core group revenue rose seven per cent for the three month period ending March to approximately £155.8m.

On a constant currency basis without the negative movement of sterling this would have been a 15 per cent rise, to £167.9m

“We’re a very seasonal business but we’re very pleased with the results,” Travelex boss Peter Jackson said in an interview with City A.M. “We’ve grown revenues significantly and that’s important. Growth has been driven by continued investment in the business. There is a lot of opportunity for this business. We have only a small market share around the world but we want to grow that share.”

The company pushed into Brazil last year by acquiring half of Brazilian firm Grupo Confidence.