Fexco returns to profitability after Covid challenges

Financial services firm Fexco returned to profitability in 2021 as the company reported a “promising” post-pandemic recovery.

The Kerry-based company reported an operating profit before exceptional items of €1.2 million for the 2021 financial year.

This contrasted with a loss of €13.6m in 2020 as pandemic restrictions limited travel and severely impacted the group’s foreign exchange business.

Even after special items, the group reported a profit of €59 million.

Revenue increased to 102.2 million euros in 2021, compared to 100.5 million euros in the previous year. This now represents approximately 60 percent of the group’s pre-pandemic revenue for 2019 on a like-for-like basis.

The sale of assets also added 54 million euros to the balance sheet last year.

“The successful sale of our interests in Goodbody Stockbrokers and Taxamo has resulted in a robust balance sheet and has positioned us well to drive significant growth in 2022,” said Group Chief Executive Neil Hosty.

Fexco sold its 51 percent stake in Goodbody to AIB for €70 million last year. The group also held a stake in fintech Taxamo, which was sold to US company Vertex in May 2021 for €165 million.

Fexco has added 200 new roles to its activities since last December.

The company noted the strong return of international travel, which has contributed to renewed retail demand for its foreign exchange (FX) division.

“Our payments and foreign exchange businesses expanded their customer base and positioned them for growth as transaction volumes returned to near pre-pandemic levels through the second half of 2022,” said Mr. Hosty.

“We are excited about the impact that organic growth and strategic acquisitions will have for Fexco in the coming year,” he added.

https://www.independent.ie/business/irish/fexco-returns-to-profit-following-covid-challenges-42142251.html Fexco returns to profitability after Covid challenges

Fry Electronics Team

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