Business Irish

Sunday 16 December 2018

Transfer firm Fexco's profits jump to €304m

Fexco Holdings re-registered as an unlimited company in 2010
Fexco Holdings re-registered as an unlimited company in 2010

Gordon Deegan

Accumulated profits at Co Kerry financial services and money transfer firm Fexco jumped by €16m to €304m in 2016.

The company employs 2,000 people in 29 countries across the world and has its HQ in Killorglin, Co Kerry.

Fexco Holdings re-registered as an unlimited company in 2010 and as a result is no longer required to file annual accounts with the Companies Office.

The company's last filed accounts at the Companies Office took place in 2009 for its 2008 performance.

However, it has published a summary financial statement on its website and they show that the company's balance sheet strengthened further in 2016.

The financial statement reveals that Fexco's consolidated balance sheet shows that accumulated profits increased by €16m, going from €288m to €304m in the 12 months to the end of December 2016.

During the same period, Fexco's cash pile increased from €159m to €173m.

At the end of December 2016, the financial statement states that the group was in a strong financial position at year end with new assets of €337m.

The extract from the company's statutory financial statements states that Fexco Holdings Unlimited Company's principal activity is the provision of dynamic currency conversion, bureau de change, investment services, including stockbroking and financial services, managed business solutions and outsourcing, international money transfer and property management services.

It operates in Europe, the Middle East, Asia, South America and Australasia.

Founded and headquartered in Ireland in 1981, Fexco today serves some of the world's biggest brands across multiple industries through a wide range of innovative products and processes more than $10bn in transactions annually.

According to a company statement on its website "Fexco is financially strong and occupies market-leading positions in a number of countries and across various products within its portfolio".

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