Kerry-based financial services and technology company Fexco has reported higher income and operating profits for 2024 and said it remains alert to the challenges of tariff impacts on the global economy.
Fexco said its total income for the year to the end of December last rose by 8% to €192.9m from €178.7m in 2023, while its operating profit before specific items increased to €22.4m from €22.3m.
Fexco said it saw robust commercial growth and continued investment during the year as well as continued expansion in the APAC, LATAM and MEASA regions, securing key new business wins across its Dynamic Currency Conversion (DCC) businesses.
In the Asia-Pacific region, Fexco partnered with Maya, a digital payments provider in the Philippines, to implement DCC across 112,000 merchant terminals and in Latin America it launched its partnership with DAI Brasil ATM to deploy its DCC solutions throughout Brazil's ATM network.
Fexco said its Managed & Advisory Services further expanded its investment in Artificial Intelligence (AI) to enhance customer engagement and operational efficiency, while the division also experienced strong growth from the public sector, onboarding new clients, as well as renewing its 15-year partnership with the SEAI.
Recently, Fexco bought Sainsbury's Travel Money to strengthen its position in the UK retail foreign exchange market.
Fexco said it will assume control of the business from early 2026, creating an ongoing partnership that delivers market leading digital infrastructure and exceptional customer experience through both online operations and the over 220 in-store bureaux de change.
Neil Hosty, Group CEO of Fexco, said that 2024 was a strong year for the company, with solid financial results, a growing customer base, and important strategic progress.
"We continued to invest in our platforms, our people, and our products, strengthening our position in the markets we serve. Our ongoing success is built on the commitment of our employees operating across more than 50 countries," the CEO said.
"As we look ahead, we're focused on innovating and expanding into new markets to create long-term value for our customers and stakeholders," he added.
