Travelex revises earnings forecast for 2021
Travelex today revised downwards its earnings forecast for 2021. The company announces that it expects the Travelex group’s EBITDA for the financial year to 31 December 2021 to be in the range of £15 – £25 million below the financial forecast announced on 8th February 2021.
The shortfall predominantly relates to the slower than expected easing of travel restrictions particularly in Asia and ANZ regions where conservative government policies and closed borders are driving a six-month delay in recovery. UK and European markets are expected to recover first but still with a delay of up to three months against previous expectations.
The company is poised to release its Q1 2021 results on May 17, 2021.
As FX News Group has reported, in February 2021, Travelex announced the completion of raising of £20 million of additional funding following the issuance of an additional number of new money notes.
On February 8, 2021, Travelex said it launched a consent solicitation in connection with the issuance of an additional number of New Money Notes with net value of £20 million. The aim is to provide the company with fresh liquidity as Travelex extends its business perimeter to include legacy retail platforms and to fund working capital in anticipation of a return of consumer travel.