The Kerryman (South Kerry Edition)
Profits soaring as Fexco booms
IN its latest financial report Fexco has revealed details of a very successful year’s business.
The Killorglin based firm – Ireland’s largest privately-owned financial services company – has reported an 11 per cent increase in income to €236 million in the last 12 months.
Growth was experienced across all the company’s business divisions, in particular payment services, retail foreign exchange and property management services.
Normalised operating profit for the year grew by seven per cent to reach €17.5m, as Fexco continued its strategy of investing in adjacent and emerging market opportunities, as well as re-investing in its core business units.
Fexco is a global leader in the financial payments and the fintech sector, with over 100 million transactions processed on its systems eachyear.
The report also noted that profit before tax was up 93 per cent to €37.2m; normalised operating profit growth of 9.5 per cent to €17.5 million; net assets of €352.6 million and cash balances of €246.2 million
Commenting on the results, Denis McCarthy, CEO of Fexco Group, said it had been “another strong year for the Group”.
“We continue to reinvest in our core business, and to drive growth through innovation and acquisitions to expand our position as a global fintech business. We retain a strong and conservatively managed balance sheet that means we have the capability to pursue further growth opportunities when they arise,” said Mr McCarthy
Highlights for Fexco in the last year incuded the launch, in July 2019, of Metamo, a 50:50 joint venture between 16 of Ireland’s largest credit unions and Fexco. Metamo will support credit union viability and sustainability through the provision of a modernised suite of financial products including enhanced lending capabilities.
There was also the announcement in July 2018 of plans to create 175 new jobs in Killorglin over the next 3 years.