Kerry-based financial services group Fexco has reported pre-tax profits of €15.5m for the ten-month period to the end of 2002.
This represents annualised profits of €18m, a 46% increase on the €12.3m reported in 2001. Annualised turnover grew by 11% to €87.6m. The company last year changed its year end from February 28 to December 31.
The improved profit figure included a number of disposals, including that of Fexco's 50% stake in payments processing company Omnipay. But this was partly offset by a loss from associates of €0.9m, mainly due to the impact of reduced travel numbers.
Managing director John Nagle said the results were strong despite a very challenging market climate, helped by the contribution of its Western Union money transfer service.
He said continuing negative conditions in the travel sector were expected this year, but there would also be stronger performances from the consumer and corporate payments divisions.
