Kerry-based financial services and technology company Fexco has reported higher profits and income for 2023 on the back of a strong performance in transaction volumes worldwide.
Fexco reported an operating profit of €24m, an increase of 62% on the €14.8m reported in 2022, while profits before tax increased to €27.7m from €13.5m.
The company said its income for the year rose by 14% from €156.1m in 2022 to €178.7m with the growth fuelled by ongoing investments in innovation.
Fexco said its Payments and FX division experienced continued strong performance in transaction volumes in 2023 around the world.
It said its investment in the APAC, MEASA, and LATAM markets continues to generate strong results for the group.
Fexco said its Dynamic Currency Conversion (DCC) business now serves 5 million merchant locations across more than 50 countries, catering to diverse industries such as hospitality, retail, and airlines.
Fexco also said its Business Services Division expanded both organically and through acquisitions.
Its Managed & Advisory Services business has seen strong organic growth in the market, having secured several new customer contracts, such as Fáilte Ireland.
Meanwhile, Fexco Property Services saw further growth across Ireland, the UK and Australia, having secured new business within its portfolio of brands.
It said the acquisition of OMC Claims, an Irish insurance assessors, and Inspired Property Management in the UK, further enhanced its value chain offering.
Fexco's group chief executive Neil Hosty said the company delivered organic growth alongside a number of strategic acquisitions last year.
"We also continued to invest in innovation and market expansion for the enduring success of the group. Our success is driven by our 2,880 employees, who are dedicated every day to delivering for our partners and customers," Mr Hosty said.
