Argentex Group PLC Trading Statement (5562O)
11 October 2021 - 5:00PM
UK Regulatory
TIDMAGFX
RNS Number : 5562O
Argentex Group PLC
11 October 2021
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 GBP15.7m (H1 2021: GBP11.8m) and a 67% growth
in FX turnover to GBP8.3bn (H1 2021: GBP5bn).
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
Rubinstein
Telephone: +44 (0) 20 7260 1000
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END
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