Fexco Group has recorded an operating profit of €24 million for the 2023 financial year, a significant increase from the €14.8 million reported in 2022.
Income increased from €156.1m in 2022 to €178.7m, marking an increase of 14 per cent year on year. This growth was fuelled by ongoing investments in innovation.
Fexco’s Payments and FX division experienced continued strong performance in transaction volumes in 2023 worldwide while Fexco’s investment in the APAC, MEASA, and LATAM markets continues to generate strong results.
Overall, Fexco’s DCC business now serves five million merchant locations across more than 50 countries, catering to diverse industries such as hospitality, retail and airlines.
Other divisions of Fexco also saw significant growth. The Business Services Division expanded both organically and through acquisitions while the Managed and Advisory Services business has seen strong organic growth in the market, having secured several new customer contracts, such as Fáilte Ireland.
Fexco Property Services saw further growth across Ireland, the UK and Australia, having secured new business within its portfolio of brands. This, along with the acquisition of both OMC Claims, Ireland’s leading insurance assessors and Inspired Property Management in the UK, further enhanced its value chain offering.
Innovation remains a key longer-term growth engine for the Group, which saw a significant investment in core products, technology and resources.
Group Chief Executive Neil Hosty said in 2023, the Group delivered organic growth alongside a number of strategic acquisitions.
“We also continued to invest in innovation and market expansion for the enduring success of the Group.
“Our success is driven by our 2,880 employees, who are dedicated every day to delivering for our partners and customers. In line with our ESG focus, our giving fund donated two per cent of Fexco’s annual profit to support local, national and international causes,” he said.
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