Irish financial services company Fexco more than doubled its profits last year, the group’s annual results show.
The Killorglin, Co Kerry-anchored fintech made a profit of €22.2 million in 2023, which was up from €9.4 million the year before. The group recorded an operating profit of €24 million, up about 62 per cent from the €14.8 million reported in 2022.
Income at the group increased from €156.1 million in 2022 to €178.7 million, marking an increase of 14 per cent year-on-year. This growth was fuelled by “ongoing investments in innovation”, the company said.
Fexco also said its payments and foreign exchange division experienced “continued strong performance” in transaction volumes worldwide.
Its investment in the Asia–Pacific, Middle East, Africa, and Southern Asia, and Latin America markets “continued to generate strong results” for the group.
Overall, Fexco’s “dynamic currency conversion” business now serves 5 million merchant locations across more than 50 countries, across industries such as hospitality, retail, and aviation.
The company’s business services division expanded both organically and through acquisitions.
Meanwhile, its managed and advisory services business experienced “strong organic growth” in the market, having secured several new customer contracts, including with Fáilte Ireland.
Fexco’s property services saw further growth across Ireland, Britain and Australia, having secured new business within its portfolio of brands.
This group acquired Kerry-based insurance assessors OMC Claims as well as Inspired Property Management in the UK.
Fexco said innovation remains “a key longer-term growth engine” for the group, and it invested “significantly” in core products, technology, and resources.
The year witnessed the “accelerated growth” of Pace, the group’s software platform to help aviation stakeholders reduce carbon emissions, with new customers joining from the global finance and aircraft leasing sectors.
Additionally, further investment was made in Fexco’s OpenConnect payment orchestration platform, to “take advantage of opportunities” in the cruise sector.
The company also expanded its artificial intelligence functionality roll-out across its products and services.
Fexco chief executive Neil Hosty said the group “delivered organic growth alongside a number of strategic acquisitions” in the year.
“We also continued to invest in innovation and market expansion for the enduring success of the group,” he said.
“Our success is driven by our 2,880 employees, who are dedicated every day to delivering for our partners and customers.”
Fexco said it has continued its strategy of investment throughout 2024 to expand into new markets, as well as in innovation across core products and new ventures.
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