Business

Tuesday 30 September 2014

Currency firm Travelex ponders stock market listing

Published 10/03/2014 | 10:30

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Travelex was founded in 1976
Travelex was founded in 1976

Travelex, the retail foreign exchange provider majority-owned by private equity firm Apax Partners, reported a 21pc increase in profits on Monday and said it was considering a stock market flotation.

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Earnings before interest, tax, depreciation and amortisation (EBITDA) increased last year to £80.1m on income up by 12pc at £695m.

"With this positive backdrop and our strong financial performance, we are currently evaluating our strategic options which may include an IPO," said Chief Executive Peter Jackson.

Travelex, founded in 1976, co-ordinates over 37 million retail transactions each year through a network of over 1,500 stores and over 1,250 automated teller machines (ATMs) in 27 countries. Analysts expect the business will command a valuation in excess of £1bn.

Jackson declined to comment on the valuation or timeframe for a flotation or whether the business had received any takeover approaches.

"We've said we're evaluating our strategic options and they include an IPO.

Travelex is a brand that's very well know around the world," he said.

Jackson said the group was also looking at expanding into more new markets having launched operations in Panama in 2013 and Guam in early 2014.

"There are some markets we're not as well represented in. Turkey is a market which I've been looking at for a while," he told Reuters.

Reuters

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