Fexco reports soaring profits

Killorglin-based financial services firm Fexco - now Ireland's largest privately owned financial services company - has reported an 80 per cent increase in its overall group profit.

This brings group profits before tax to €19.3million for 2017.

The company said this "robust performance" includes contributions from recent acquisitions and investment activities, along with a strong year in Fexco's foreign exchange and payments operations.

Financial performance highlights for 2017 published by the company in the past week include income, up eight per cent to €211.8m; profit before tax, up 80 per cent to €19.3m; and operating profit growth of 139 per cent to €13.7m

Fexco reported it now has net assets of €349 million and cash balances of €182 million

Fexco Group CEO Denis McCarthy commented on the results.

"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," said Mr McCarthy.

"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," he said.

Other highlights for 2017 and the year to date in 2018 included the announcement of plans to create 175 new jobs in Killorglin over the next three years "reinforcing the South West's position as the driving force of Ireland's fintech industry".

It also 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.

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.