Friday 15 November 2019

Profit jumps 80pc at Kerry-based fintech Fexco

Denis McCarthy, CEO of Fexco
Denis McCarthy, CEO of Fexco
Ellie Donnelly

Ellie Donnelly

Fintech company Fexco has seen its profit before tax jump 80pc to €19.3m in 2017.

The Kerry-based company said the performance included contributions from recent acquisitions and investment activities, along with a strong year in it’s foreign exchange and payments operations.

During the 12 month period income increased 8pc to €211.8m at the privately owned company.

Operating profit grew 139pc to €13.7m, while the company had a cash balance of €182m at year-end.

Commenting on the results, Denis McCarthy, CEO of Fexco, said that the improved performance had been achieved through both organic growth and 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," Mr McCarthy added.

Fexco, which employs over 2,300 staff in 29 countries, said that almost a third of its revenue was generated from customers outside of the European market.

In July Fexco announced plans to create 175 new jobs in Killorglin over the next three years. While in 2017 the group took 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 $5bn within five years.

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