Monex says profits fall 13%, but expects RD to pay off

PRE-TAX PROFITS at Kerry-based financial payments company Monex fell by 13 per cent last year to €4.64 million, according to accounts for the year ended December 31st last.

Turnover was down 20 per cent, at €8.078 million, compared to just over €10 million the previous year. The company had retained profit of €14.181 million at year end and equity shareholder funds of just under €16 million.

Headquartered in Killarney, Co Kerry, Monex was founded by Frank Murphy, a former senior executive at Fexco, the financial payments firm based in Killorglin in Kerry. The company was established in the mid-1990s and had Hertz as its first major customer.

It now processes more than 100 million transactions each year and has customers in 26 countries.

The accounts state that Monex increased research and development funding and invested in infrastructure for new business during 2011, which will benefit the company from 2012 onwards.

“The company is continuing to grow and diversify its base,” the accounts state.

Monex’s technology system, known as DCC (dynamic currency conversion), converts credit card transactions into the currency of the cardholder at the point of sale.

In 2011, the company won a number of new contracts including one with Qatar National Bank.

The accounts show that Mr Murphy claimed patent royalties of €646,263 last year in accordance with a patent licence agreement.

He is the majority shareholder, with chief operating officer Michael Crowley owning the remainder of the shares.

Directors’ emoluments fell by 20 per cent, from €1.058 million in 2010 to €829,422 last year.