Travelex still considering IPO as first-quarter profit rises

LONDON Mon May 12, 2014 3:51am EDT

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LONDON May 12 (Reuters) - Travelex, the retail foreign exchange provider, said it is continuing to evaluate a possible stock exchange listing and reported a 266 percent rise in first quarter profit, benefiting from an acquisition in Brazil.

Travelex, which is majority-owned by private equity firm Apax Partners, said in March it was reviewing its strategic options including a possible initial public offering in London.

Earnings before interest, tax, depreciation and amortisation, rose to 11.7 million pounds ($19.7 million), including a 2.3 million pound contribution form Grupo Confidence in Brazil, which it bought in April last year.

"We have made further progress against our strategic priorities with continued expansion into new regions, most recently in Turkey, and further growth from our digital platform," said Chief Executive Peter Jackson.

($1 = 0.5938 British Pounds) (Reporting by Matt Scuffham; Editing by Anjuli Davies)

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