46% rise in Fexco pre-tax profits

FEXCO, the Kerry-based foreign exchange to stockbroking group, reported a 46% rise in pre-tax profits for 2002 despite a challenging market climate.

Annual results released yesterday showed that pre-tax profits grew strongly, from 12.3m in 2001 to 18m in 2002.

Having shifted its year-end from February to December, turnover for the 10 months to end December was 73.5 million, and for the whole of 2002 was 87.6 million, an 11% rise on the 2001 figure.