A Travelex store in London
File picture of a Travelex outlet in London, one of the entities within the Finablr fold. Image Credit: Bloomberg

Dubai: Finablr, the London Stock Exchange (LSE) listed holding company of UAE Exchange, Travelex Holdings and Xpress Money, has reported income growth of 9.1 per cent year-on-year to $742 million for the first-half of 2019. The company reported an adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] growth of 26.9 per cent year-on-year to $103 million.

While the company posted income growth across all business segments, its B2B and payment technology solutions income were up 20.5 per cent to $161 million during the first half compared to the same period last year.

The company’s reported results showed a net loss of $30 million in the first-half and net debt of $334.1 million. Debt was reduced by $230.9 million from December 31 2018, the company said in a statement.

Finablr was listed on LSE, following an initial public offering (IPO) in May.

Key operations deliver on growth forecasts

“Finablr delivered strong results at the upper end of our guidance, with growth in each of our three segments and across our channels and products,” said Promoth Manghat, Group CEO of Finablr. “B2B and payment technology solutions, our fastest growing segment and now the single largest contributor to group EBITDA, enjoyed growth from existing customers and continued pipeline momentum.”

The reported results are adjusted for disposed/discontinued operations and non-core operations, and impairments and income from entities not included in the financials but being brought into the group as part of a reorganization.

“Over the last four decades we have built global assets firmly rooted across the payments and foreign exchange markets. Now we are realising our vision to create a global financial platform serving people, companies and institutions all over the world,” said Dr. B.R. Shetty, founder and Co-Chairman of Finablr.

In the year ended 31 December 2018, Finablr processed more than 150 million transactions and the dollar equivalent of $114.5 billion in volumes. In the current year, the company expects to perform in line with guidance that the management shared at the time of the IPO.