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Fexco News & Insights

Fexco Group reports strong financial and operational performance in 2022

13 Nov 2023
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  • Operating profit grew to €14.5m from €3.6m the prior year.
  • Income grew 54pc to €157.5m.
  • New and existing client growth in international markets, coupled with continued investment in resources and personnel drive ongoing growth.

13th November 2023: Fexco Group, the Irish financial services, technology, and business services group, today releases its results for its 2022 financial year. The Group saw significant growth in 2022, achieving an operating profit of €14.5m, compared to €3.6m in 2021.
The growth in profits was driven by a 54pc increase in income. Total Group income was €157.5m, compared to €102.2m the prior year.

The Group has reported a robust market recovery and improved market performance across its financial, business services, and innovation divisions. This achievement has been fuelled by ongoing investments in resources and personnel.

In 2022, Fexco‘s Financial Services division saw significant growth in transaction volumes, primarily due to the resurgence of global travel. The ongoing investment in the APAC, MEASA, and LATAM markets in particular has borne strong results. Notably, the Dynamic Currency Conversion (“DCC”) product achieved an impressive 47% increase in its global market footprint since 2021. In total, Fexco’s DCC business now serves 3.7 million global merchant locations in more than 48 countries.

Furthermore, Fexco’s Business Services division demonstrated robust revenue growth through a multifaceted approach that encompassed organic expansion, the acquisition of valuable new client contracts, and strategic acquisitions of complementary companies.

In addition, the year 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 and now has nearly 50% of the world’s aircraft lessors and financiers amongst its customers.

Fexco Group chief executive Neil Hosty said:

“We are delighted with the performance of the Group in 2022, which saw strong growth across divisions. Our 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.”

He continued,

“Fexco also remains dedicated to its mission of making a positive impact on the communities we serve. In 2022, our giving fund, which represented 2% of Fexco’s annual profit, was allocated to supporting local, national, and international causes. This funding was distributed across various essential areas, including charities, community support, culture and arts sponsorship, education initiatives, disaster relief efforts, and sports sponsorship.”

Fexco‘s workforce also increased in 2022 by 239 employees bringing it to over 2,570.

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