Travelex flying despite ash cloud

Foreign currency giant Travelex yesterday said it overcame last year's volcanic ash cloud and difficult travel market to post the second best annual earnings performance in its history.

The group reported a 9 per cent rise in underlying earnings to 130.6 million for 2010 after investing a further 30m in new products and services.

Travelex, which saw sales rise 16 per cent to 739.7m, expanded by a further 139 stores and more than 100 cash machines last year - taking its global estate to 950 stores in 24 countries. It launched its pre-paid card in five new markets.