Co Kerry-based financial services and technology company Fexco Group has reported a big jump in operating profits and income for 2022.
Fexco said its operating profit rose to €14.5m last year compared to €3.6m in 2021 on the back of a 54% increase in income with total group income reaching €157.5m, up from €102.2m the previous year.
The group noted a robust market recovery and improved market performance across its financial, business services, and innovation divisions, which was fuelled by ongoing investments in resources and personnel.
Fexco said its Financial Services division saw significant growth in transaction volumes, mainly due to the resurgence of global travel.
The ongoing investment in the APAC, MEASA, and LATAM markets in particular resulted in strong results, it said.
Its Dynamic Currency Conversion product achieved a 47% increase in its global market footprint since 2021 and Fexco's DCC business now serves 3.7 million global merchant locations in more than 48 countries.
It also said its Business Services division reported "robust" revenue growth through a multifaceted approach that encompassed organic expansion, the acquisition of new client contracts, and strategic acquisitions of complementary companies.
2022 also saw a marked increase in Fexco's commitment to continuous innovation, with investments in core products, technology, and resources.
"The year saw accelerated growth of PACE (Platform for Analysing Carbon Emissions), which, since its launch, has solidified its position as a market leader with aircraft lessors and financiers among its customers," the company added.
Fexco said its workforce increased in 2022 by 239 employees bringing it to over 2,570.
Looking ahead, the company said it expects 2023 to be another positive year of growth, based on its continuous organic development and coupled with the strategic acquisition of companies that complement its existing operations.
Fexco Group chief executive Neil Hosty said the company's ongoing investment in innovation in both new and core services coupled with organic growth is delivering positive outcomes for the group.
"I want to pay tribute to all our colleagues for their dedication and exceptional customer focus, which is pivotal to our success," Neil Hosty added.
