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3 Oct 2022 07:00
3 October 2022
Argentex Group PLC
Trading Update
Argentex Group PLC ("Argentex" or the "Group"), the international provider of foreign exchange services to institutions, corporates and high net worth private individuals, today issues a trading update for the six-month period ended 30 September 2022.
Argentex expects to report six month revenues of £27.4m, a 75% increase compared to the same period last year (H1 2022: £15.7m)* with costs remaining in line with management expectations. There has been continued strong client demand with the number of corporate clients trading growing to 1,393 (H1 2022: 1,241)*.
This growth has been driven by the Group's core UK proposition and a disciplined approach to costs, in line with guidance. The performance has also been supported by more favourable market dynamics, with the recent historic lows in sterling presenting exceptional short-term trading conditions.
Momentum also continues to build behind the Company's long-term growth pillars as it creates a more technology enabled platform, adds and retains key talent and gradually builds out its international presence.
As a result, the Board is confident that the Group will exceed current market expectations for the period ended 31 December 2022.
Harry Adams, CEO of Argentex, commented: "The strong performance during the period is defined by a 75% uptick in Group revenues, demonstrating our strategy is delivering results as we unlock the long-term growth potential of Argentex."
"The Board is confident in the Group's ability to exceed current market expectations and to continue generating positive outcomes for clients, employees and shareholders. While current market dynamics, specifically the historic lows in sterling, present exceptional short-term trading conditions, our long-term growth strategy and outlook remain unchanged."
Argentex expects to report its interim results for the six months ended 30 September 2022 on Tuesday 8 November 2022.
*the Group has changed to a 31 December year end and for this year will report unaudited 6 months to 30 September 2022 and audited 9 months to 31 December 2022. H1 2022 refers to the period from 1 April 2021 to 30 September 2021, the first half of the last financial year ended 31 March 2022. Revenues generated in the nine months to 30 September 2022 are £36.9m, an increase of 58% compared to the same period in the prior year (9 months to September 2021 £23.4m).
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 / Jenny Boyd
argentex@fticonsulting.com
Singer Capital Markets (Nominated Adviser and Broker)
Tom Salvesen / James Maxwell / Justin McKeegan
020 7496 3000
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