Fexco lifts operating profit to €14.5m on international travel boom

There have been questions about how long the post-pandemic travel boom can last as inflation and interest rates continue to run at elevated levels. 

Fexco Group — the Kerry-based payments firm that employs 2,570 people at its operations in Ireland and numerous other locations across the world— said it lifted operating profit significantly in 2022 as it tapped the international travel boom.  

Operating profit rose to €14.5m from €3.6m in 2021, as income climbed by 54% to €157.5m, the company said. However, net profit fell to €9.4m from over €59m in 2021 when profits were lifted by the disposal of its majority stake in stockbroker Goodbody to AIB, and the sale of tax management firm Taxamo.  

"In 2022, Fexco Financial Services division saw significant growth in transaction volumes, primarily due to the resurgence of global travel," the group said. 

"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," it said.  

The lifting of the pandemic sparked an international upsurge in travel helping boost business at airlines, airports, and financial services. Some travel companies have said bookings continue to run strongly through this winter, but there have been questions about how long the post-pandemic boom can last as inflation and interest rates continue to run at elevated levels.