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Profit at Kerry-based Fexco hit €17.5m last year

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Denis McCarthy, CEO of Fexco

Denis McCarthy, CEO of Fexco

Denis McCarthy, CEO of Fexco

Profits at Killorglin, Co Kerry based Fexco were €17.5m last year, with 30pc of revenue now coming from beyond the European Union.

Originally a foreign exchange specialist, the business now has interests across financial services, including a 51pc stake in Goodbody Stockbrokers that is currently up for sale. Fexco operates in 29 countries and has 2,400 staff and processed more than 100 million financial transactions last year.

Financial results from 2018 show Fexco reported an 11pc increase in income to €236m. Growth was experienced across all the company’s business divisions, in particular payment services, retail foreign exchange and property management services, Fexco said.

Normalised operating profit for the year grew 7pc to €17.5m. Profit before tax was actually up 93pc to €37.2m

Fexco Group CEO Denis McCarthy said the business has capacity for further growth.

“We retain a strong and conservatively managed balance sheet that means we have the capability to pursue further growth opportunities when they arise.”

Online Editors