Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Fexco Reports Strong Profit Growth in 2023, Driven by Global Transaction Volumes

Web Desk
3 Min Read

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.

TAGGED:
Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *