Last checked at 11 Oct 2021 07:00
11 October 2021
Argentex Group PLC
Trading Update
Argentex Group PLC ("Argentex", "the Group", "the Company"), the provider of bespoke foreign exchange services to institutions, corporates and high net worth individuals, today issues a trading update for the first half of the financial year ending 30 September 2021.
Argentex expects to report a 33% increase in revenues for the six-month period to £15.7m (H1 2021: £11.8m) and a 67% growth in FX turnover to £8.3bn (H1 2021: £5bn).
Clients trading with Argentex increased by 27% to 1241 (H1 2021: 981) with the Group continuing to benefit from a highly diversified and quality client list.
The Group's financial performance has been supported by ongoing recovery in client trading volumes following the onset of Covid-19. The Group remains committed to its long-term growth strategy including investment in technology and overseas expansion, with the Amsterdam office performing in line with expectations and delivering half on half revenue growth.
Harry Adams, CEO commented: "We are pleased with how Argentex has maintained its strong momentum into the new fiscal year, building on the positive trends reported towards the end of FY 2021. Our track record of prudent risk management continues to be a key differentiator, reflected in our focus on revenue quality and continued low levels of bad debt. This is a key factor contributing to the positive performance delivered over the last six months and the strength of our business model. Supported by increased sales capacity in new, larger headquarters and ongoing investment in our technology, we are well placed to capitalise on the significant opportunities ahead."
Argentex will be reporting its interim results for the six months ended 30 September 2021 on Monday 8 November 2021.
For further information please contact:
Argentex Group PLC
Harry Adams - Chief Executive Officer
Jo Stent - Chief Financial Officer
investorrelations@argentex.com
FTI Consulting (Financial PR)
Ed Berry / Ambrose Fullalove
Telephone: 07703 330 199
argentex@fticonsulting.com
Numis Securities Limited (Nominated Adviser and Broker)
Stephen Westgate, Charlie Farquhar, Laura White, Hugo RubinsteinTelephone: +44 (0) 20 7260 1000