Payments company Realex grew its revenues by 45 per cent in the 12 months to April 30th, driven by strong growth in its UK operation. Profit after tax at the company was €1.24 million.

Revenues at the payments company, which employs 170 people, advanced to €14.2 million as international expansion saw the company increase its client base to over 12,000 online retailers with additional partnership deals in place. Realex now processes over €24 billion per annum for its retail clients.

The increase in turnover is primarily due to its strategic expansion overseas, which now represents 60 per cent of its business. Its UK operation reported a 120 per cent increase in revenue in the period under review.

Realex Payments founder and CEO, Colm Lyon said the growth in sales due to the impact of the company's strategic plans.

“We are selling more than ever, via direct and new distribution channels and in more regions,” he said, adding that the company will invest heavily in the UK operations and will be doubling the head count based in its London office over the coming 12-18 months.

In August 2013, Realex launched its Fire personal account, aimed at transforming the way people and businesses pay and get paid.