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Business News

Travelex revenues jump ahead of summer listing


Travelex has posting a 7 per cent rise in first-quarter revenues ahead of its upcoming flotation despite the late Easter holidays.

The company recently moved into its 28th market after buying a 75 per cent stake in Turkey’s Arti Doviz.

It said it had also opened 17 new stores and 71 ATMs in other parts of its business during the three-month period.

Travelex is now expected to fire the starting gun on a London listing over the coming weeks although it would only say it “continued to evaluate strategic options”.

A float would result in a huge payout for its founder and chairman Lloyd Dorfman, who set the company up in 1976 as a single bureau de change in central London.

His stake in the company is believed to be about £300 million with private-equity firm Apax Partners owning a majority stake.

Travelex said it had grown overall revenues to £155.8 million in the three months ending March 31.

This came even though Easter fell in April, which meant people holidayed later.