Profits almost double at finance firm Monex

PRETAX PROFITS at Kerry-based financial services company Monex almost doubled to €5.3 million last year, from €2.7 million in 2009.

The 2010 profit brought the company’s retained profits to just over €10 million, compared to €5.1 million the previous year.

Accounts for 2010 show revenue at the Killarney-based company stood at €10.6 million last year, up from almost €6.5 million in 2009.

A spokeswoman for the company said yesterday that the increase in turnover and profit was due to a combination of growth in the company’s overseas business and the securing of a number of new contracts during the year.

These included a major contract with Hertz Europe announced in January 2010 and new contracts in the US and the Middle East.

Monex is a financial services company specialising in foreign exchange. The company allows customers to convert payments on their credit cards into their own currency using dynamic currency conversion. The system is also used by fellow payments companies Fexco and Continuum Commerce.

The company was founded by Frank Murphy, a former senior executive at Fexco, in 1997.

Mr Murphy is an 85 per cent shareholder and the remaining shares are held by chief operating officer Michael Crowley.

Both are directors of the company.

The accounts show that directors’ emoluments rose by more than 80 per cent in the year, from €590,673 in 2009 to €1,058,988 last year.

Monex employs approximately 135 people; 35 work at the company’s headquarters in Killarney.

The remainder are employed at one of the company’s 26 offices worldwide.

Monex is currently advertising for 20 IT positions as a result of three new contracts that are at an early stage.

The accounts for the company state that Monex will continue to grow and diversify its customer base in 2011.

Citing “competitor risk” as one of the principal risks and uncertainties facing the business, the accounts state that “while the company does face competition in the market place, it is well placed to deal with this competition”.