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.