Fexco reports fourfold jump in operating profit as pandemic rebound continues

Fexco’s continued expansion into new markets last year helped further fuel its pandemic rebound as operating profits grew fourfold at the Irish financial services group to €14.5 million.

The Killorglin, Co Kerry-based group, which suffered a sharp decline in business levels during the pandemic due to the collapse in demand for foreign currency exchange, returned to profit in 2021 and continued on a growth trajectory in 2022 and 2023, it said in a statement on Monday.

Group income jumped to €155 million compared to €102.2 million in 2021 amid “a robust market recovery” and improved performance across all divisions, Fexco said.

Transaction volumes increased due to the “resurgence” of global travel and the roll-out of the group’s dynamic currency conversation platform at ATMs across the Latin America, Asia-Pacific and the Middle East. Fexco said its currency conversion product’s global footprint has increased by 47 per cent since 2021.

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It also said it increased its headcount by 259 to more than 2,570 people in the year.

Operating profits surged fourfold to €14.5 million in 2022 from 2021 when the group reported a €3.6 million operating after exceptional items including the disposal of its 51 per cent share in Goodbody Stockbrokers to AIB for €70 million.

Fexco said it expects 2023 to be “another positive year of growth, based on the Group’s continuous organic development and coupled with the strategic acquisition of companies that complement its existing operations”.

Neil Hosty, Fexco group chief executive, said: “We are delighted with the performance of the group in 2022, which saw strong growth across divisions. Our ongoing investment in innovation in both new and core services coupled with organic growth is delivering positive outcomes for the group. I want to pay tribute to all our colleagues for their dedication and exceptional customer focus, which is pivotal to our success.”