Apax’s Travelex Swings Back to Profit

British foreign exchange company Travelex swung back to a profit in 2011 with 377.6 million pounds ($603 million), up from a 2010 loss of 59.6 million. Travelex is majority-owned by private equity firm Apax.

Reuters – British foreign exchange company Travelex, whose bureaux de change are prevalent in many of the world’s leading airports, swung back to a profit in 2011 after netting gains of some 436 million pounds from the sale of key businesses.

Travelex, which is majority-owned by private equity company Apax, reported 2011 profits of 377.6 million pounds ($603 million), up from a 2010 loss of 59.6 million. Revenues at its ongoing operations rose 9 percent to 586.7 million pounds.

Profits were boosted by the sale of its Travelex Global Business Payments division last year to Western Union, as well as the disposal of another business to Mastercard.

Although Travelex has sold off non-core assets, the company has also made acquisitions of its own in key fast-growing markets, such as Brazil and Africa.

“Turning to the year ahead, global trading conditions remain unquestionably challenging,” Chief Executive Peter Jackson said in a statement.

“Despite these challenging trading conditions, I am confident that our strategy, together with our leading brand and talented team of people will generate further growth for our group over the long term,” he added.