Goodbody parent Fexco’s total profits up by €16m

Accumulated profits at Co Kerry-based financial services and money transfer giant Fexco jumped by €16m to €304m in 2016, probably helped by a better performance of Goodbody, the broker which it also owns.

The company employs 2,000 people in 29 countries with its head office in Killorglin.

Fexco Holdings re-registered as an unlimited company in 2010 and as a result, is no longer required to file annual accounts with the Companies Office.

The company’s last filed accounts at the Companies Office was in 2009 for the 2008 financial year.

Its summary financial statement shows the company’s balance sheet strengthened in 2016.

Its accumulated profits increased to €304m in 2016 from €288m in the previous year.

The cash pile increased to €173m from €159m.

According to the company, “Fexco is financially strong and occupies market-leading positions in a number of countries and across various products within its portfolio”.

Last November, it was backing a new aircraft leasing venture Airborne Capital that plans to have €4.2bn under management in the next five years.

At the height of the financial crisis, in 2011, Fexco bought out then loss-making broker Goodbody, but the broker has since expanded its activities into London to tap the upturn in markets.

Goodbody said yesterday it had been appointed as broker to the Rank Group, a Ftse-250 company.

The broker said it helped raise €1bn for companies last year, including working for Cairn Homes and Playtech, as well as involvement in the Government’s sale of shares in AIB last summer.

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