Unlimited company Fexco Holdings, Ireland’s largest privately-owned financial services company, has taken the unusual step of publishing a stripped-down Profit & Loss statement.

The figures show that Fexco turnover advanced 11% to €236m in 2018. CEO Denis McCarthy (pictured) said that growth was experienced across all the company’s business divisions, in particular payment services, retail foreign exchange and property management services.

What the company calls ‘normalised operating profit’ was €17.5m, up 7% year-on-year. The income statement shows an unexplained asset impairment charge of €5.2m, so actual operating profit was €12.3m, down 16% on the previous year.

The topline P&L also includes an unexplained gain of €25m relating to ‘other financial items’, resulting in pre-tax profit of €37m, double the outcome in 2017. The company’s effective corporation tax rate was 7.8%, and net profit for the year is stated at €34.3m.

In July 2018, Fexco announced plans to create 175 new jobs in Killorglin over a three year period. Taxpayers have helped to fund this expansion with a €1,075,000 payment to the company in June 2018 effected by Enterprise Ireland.

In Association with

Killorglin is the location for RDI Hub, a new technology research, development and innovation hub backed by Fexco, IT Tralee and Kerry County Council.

Founded in 1981, Fexco employs c.2,400 people and has operations in 29 countries. Following the acquisition of Thomas Exchange Group in August 2018, Fexco’s retail foreign exchange business has 150 branches and a further 900 agency/ franchise locations.