Fexco, Ireland’s largest privately owned financial services company, has reported an 80% increase in its overall group profit before tax to €19.3m for 2017. This robust performance includes contributions from recent acquisitions and investment activities, along with a strong year in Fexco’s foreign exchange and payments operations.
Headquartered in Killorglin, Co Kerry, Fexco is a global leader in the financial payments and fintech sectors, with over 100 million transactions processed on its systems each year.
Financial performance highlights for 2017 published by the company today include:
- Income up 8% to €211.8m
- Profit before tax up 80% to €19.3m
- Operating profit growth of 139% to €13.7m
- Net assets of €349m and cash balances of €182m
- 30% of revenue generated from customers outside Europe
- Over 2,300 staff employed in 29 countries
Commenting on the results, Denis McCarthy, CEO of Fexco Group, said:
“We have improved the Group’s performance through both organic growth and targeted acquisitions. In 2017 we continued to diversify into new product areas and to invest in the innovation that has proven key to our evolution into a global fintech business. Our broad portfolio of businesses is underpinned by a strong and conservatively managed balance sheet, which leaves us well placed to pursue further growth opportunities”
Other highlights for 2017 and the year to date in 2018 include:
- The announcement of plans to create 175 new jobs in Killorglin over the next 3 years, reinforcing the South West’s position as the driving force of Ireland’s fintech industry
- Fexco’s retail foreign exchange business now operating over 100 branches in the UK and Ireland, and a further 950 franchisees, with growth to continue following two recent UK acquisitions: Change-Link in February 2018, and the Thomas Exchange Group in August 2018
- Taking a significant minority stake in Airborne Capital, a specialist aircraft lease and asset manager with plans to grow the business to have aircraft assets under management of over US$5bn within 5 years
- The sale of Goodbody’s share in the Irish Stock Exchange in March 2018, which realised a once off €23.5m profit for the Group that will be reflected in next year’s accounts
- The sale of Goodbody which remains subject to regulatory approval
- The expansion of Fexco’s property management operations through the acquisitions of Crabtree Property Management and Remus Management, who between them manage over 37,000 residential units in the UK. This builds on Fexco’s existing property management joint venture in Australia – the PICA Group
- Continued expansion of Fexco’s Asset Finance business, which with support from the Strategic Banking Corporation of Ireland (SBCI) is making €70m available to support Irish SMEs
In the fast moving financial technology sector innovation is key to success, and over the past 5 years Fexco has invested heavily in its R&D programmes, to develop new payments and foreign exchange technology. The Group is currently constructing a 44,000 sq ft. new Research, Development and Innovation Centre near its Killorglin global headquarters, where over 1,000 staff are currently employed.