Sale of Goodbody stake to AIB helped Fexco return to profit in 2021 via IrishTimesBiz
The group, founded four decades ago by Brian McCarthy, was forced to restructure in 2021 after revenues from its foreign exchange and payment services businesses slid during the Covid-19 crisis and two subsidiaries fell into administration.Neil Hosty, Fexco Group chief executive, said the pandemic continued to have an impact on foreign exchange revenues in 2021.
However, he said the group was “very happy” with the performance, which reflects “the resilience of our business”. Mr Hosty said Fexco’s payments and foreign exchange businesses grew their customer base in 2021, “base positioning them for growth as transaction volumes returned close to pre-pandemic levels by the second half of 2022″.
In a trading update for 2022, Fexco hailed the recovery in global travel, which boosted its retail foreign exchange and payments revenues in the second half of the year. The division also “invested in growth in the US, Latin America and Asian markets, which delivered “significant growth” in the second half of the year, it said.
Separately, the group launched a new platform this year that analyses carbon emissions in the aviation sector, enabling airlines and investors in the sector to manage their emissions in line with Net Zero targets.“As global travel recovered in the second quarter of 2022, our travel related businesses have returned strong volumes and profitability,” Mr Hosty said.
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