Travelex Ends Q3 2022 with 160% YoY Revenue Rise

The company significantly increased its outlook for the year from the previous guidance.

New Travelex Group, the restructured business of Travelex, published its financials for the third quarter of 2022, reporting revenues of £129.6 million. The figure has increased by 160 percent from 2021 but declined by 17 percent from 2019.

The year-to-date revenue at the end of September came in at £305.1 million, compared to £108.9 million in 2021 and £405.7 million in 2019.

"The positive increase in revenues were driven by the first peak summer trading period without major travel restrictions in the majority of markets in which Travelex operates," the company stated.

"Brazil and ME&T both exceeded 2019 levels with recovery fully complete in these markets. UK, Europe, and ANZ continued to improve on the Q2 performance as they benefitted from the significant pent-up demand for travel. China and Hong Kong remained challenged as they continued with restrictions."