Argentex Group PLC - London-based foreign exchange service provider - Posts annual revenue for the year ending March 31 of GBP29.0 million, up 32% from GBP21.9 million the year before. The AIM listed company reported pretax profit surged to GBP10.2 million up from GBP2.1 million a year prior. Argentex credited revenue growth on resilient client demand bringing in 380 new corporate clients during the trading period and higher rates of client activity up 12%. Remains positive about long-term growth, after opening a sales office in Amsterdam in March and signing a lease on a new headquarters in London to facilitate headcount growth. Decides to follow through with dividend policy of a 30% pay out of retained profit for the year. However, due to the impacts of Covid-19 pandemic, the firm will pay an interim dividend rather than a final dividend of 2 pence per share. This will be paid on September 20, a month after the earlier agreed upon date.
Current stock price: 156.40
Year-to-date change: down 7.5%
By Neetika Kurup; neetikakurup@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Argentex Group. (AGFX)