Fexco sees operating profits jump to €24m
To Exchange €156 14% Increase The €178 Reported Services Headquartered, Killorglin 7m 1m A Firm Foreign Year Last From Ine In And In 2022
Payments firm Fexco has reported a surge in profits last year to €24m due to organic growth and acquisitions.
The Killorglin-headquartered, foreign exchange and services firm reported a 14% increase in income from €156.1m in 2022 to €178.7m last year.
Fexco said its investment in Asia, Africa, the Middle East and South America continues to generate strong results. Fexco’s currency division serves five million merchant locations in 50 countries
Other divisions also saw significant growth. Fexco's Business Services Division expanded both organically and through acquisitions. Its Managed & Advisory Services business secured several new customer contracts, such as Fáilte Ireland.
The group recorded an operating profit of €24m, a significant increase from the €14.8m reported in 2022.
Fexco Property Services saw growth across Ireland, the UK and Australia, having secured new business within its portfolio of brands. This along with the acquisition of assessors OMC Claims and Inspired Property Management in the UK, further enhanced its offering.
PACE, Fexco's software suite which supports the aviation sector saw accelerated growth last year with new customers joining from the global finance and aircraft leasing sectors.
Group Chief Executive Neil Hosty said: "In 2023, we delivered organic growth alongside a number of strategic acquisitions. We also continued to invest in innovation and market expansion for the enduring success of the group.
"Our success is driven by our 2,880 employees who are dedicated every day to delivering for our partners and customers. In line with our ESG focus, our giving fund donated 2% of Fexco's annual profit to support local, national and international causes."