Changegroup reports 27% annual underlying EBITDA growth since 2016

Change Group International Plc, the global travel money specialist and provider of financial services for tourists, has announced an impressive annual underlying EBITDA increase of 27% since 2016, as demand for currency exchange and cash services continue to increase with growth in tourism globally.

ChangeGroup specialises in currency exchange and operates 127 branches, across 60+ cities on three continents, supplemented by an estate of over 100 ATMs. They report significant evidence that cash remains a favourable discretionary spending medium for consumers when travelling, contrasting with UK domestic spend moving away from cash usage.

Sacha Zackariya, CEO of ChangeGroup, commented; “While there is a lot of talk of a cashless society in the UK, we have seen continuous demand for cash around the world. The figures speak for themselves; we are proud to be a chosen provider for consumers, who continue to use cash for travelling, shopping and leisure.”

While technology is modifying financial services for both consumers and the retail industry, demand for and use of cash continues to grow. According to European Central Bank estimates, in December 2019, there were 22.5 billion banknotes in circulation around the Eurozone, with a total value of €1.231 trillion, up from €0.625 trillion in 2007, making cash the go-to payment method for travellers.

Zackariya, adds, “According to G4S, 50% of all consumer transactions worldwide are in cash* and this is certainly reflected in our recent results. Tourists arrive into the UK with billions of pounds in cash to spend here, as cash is remains an important payment method for international travellers. Unfortunately, banks aren’t reflecting this demand as they continue to reduce consumer services. Having easy access to cash is also a huge benefit to the high street, as international tourists are exchanging their travel money to spend at local retailers, often within 200m of our branches.”

Zackariya goes on to say; The coronavirus is disrupting international shoppers, but typically it is those travelling in large groups who are staying away with individuals still coming on holiday. How much of this year tourists stay at home remains to be seen. Certainly, in times of emergency, people tend to flock to cash.”

ChangeGroup is the number 1 inbound bureaux de change operator in the UK, France and Spain and has a global presence at over 120 locations, in 60+ cities across three continents. They offer more than 50 currencies for immediate exchange and money transfer services, as well as ancillary services such as VIP tax refunds for international shoppers.