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Financial services company Fexco has reported an 80% increase in its overall group profit before tax to €19.3m for 2017.
The Co Kerry-based company said the robust performance includes contributions from recent acquisitions and investment activities, along with a strong year in its foreign exchange and payments operations.
Income for the year rose by 8% to €211.8m, while the company’s operating profit soared by 139% to €13.7m.
Fexco said that over 100 million transactions are processed on its systems each year.
The company – based in Killorglin – employs over 2,300 staff across 29 countries and recently announced plans to create 175 new jobs in the Co Kerry town over the next three years.
Fexco said it released a once-off profit of 23.5m from the sale of Goodbody’s share in the Irish Stock Exchange in March. It said that profit will be reflected in next year’s accounts.
It also said that its retail foreign exchange business now operates over 100 branches in the UK and Ireland, and a further 950 franchisees.
Growth in this area is set to continue following two recent UK acquisitions – Change-Link in February and the Thomas Exchange Group in August.
Denis McCarthy, CEO of Fexco Group, said the company continued last year to diversify into new product areas and to invest in the innovation that has proven key to its evolution into a global fintech business.
“Our broad portfolio of businesses is underpinned by a strong and conservatively managed balance sheet, which leaves us well placed to pursue further growth opportunities,” the CEO added.
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