Fexco, a Kerry-based financial services and technology company, has announced a significant rise in profits and income for 2023, fueled by a robust performance in transaction volumes across global markets.
The company reported an operating profit of €24 million, marking a 62% increase from the €14.8 million recorded in 2022. Additionally, its profits before tax rose to €27.7 million, up from €13.5 million in the previous year.
Fexco’s total income for 2023 also saw a notable increase, rising by 14% from €156.1 million in 2022 to €178.7 million. The company attributed this growth to its continued investment in innovation and expanding its reach across multiple international markets.
The company’s Payments and FX division, in particular, saw strong growth in transaction volumes, contributing significantly to the overall success. Fexco’s investment in key markets including the Asia-Pacific (APAC), Middle East, Africa and South Asia (MEASA), and Latin America (LATAM) helped drive these results. Its Dynamic Currency Conversion (DCC) business now serves over 5 million merchant locations across more than 50 countries, providing services to industries ranging from hospitality and retail to airlines.
In addition to the performance of its core payments division, Fexco’s Business Services Division expanded both through organic growth and strategic acquisitions. The company’s Managed & Advisory Services business saw strong market growth, highlighted by the acquisition of several new customer contracts, including one with Fáilte Ireland.
Fexco Property Services also continued its growth trajectory, securing new business across Ireland, the UK, and Australia. The company’s portfolio of brands expanded further with the acquisition of OMC Claims, an Irish insurance assessor, and Inspired Property Management in the UK, which bolstered its service offerings.
Fexco’s Group Chief Executive, Neil Hosty, emphasized the company’s success in driving both organic growth and strategic acquisitions over the past year. “We also continued to invest in innovation and market expansion for the enduring success of the group,” Hosty said. “Our success is driven by our 2,880 employees, who are dedicated every day to delivering for our partners and customers.”
The strong performance in 2023 underscores Fexco’s continued resilience and adaptability in an increasingly competitive global market.
