TIDMAGFX
RNS Number : 5740R
Argentex Group PLC
08 November 2021
8 November 2021
Argentex Group Plc
("Argentex", the "Group" or the "Company")
Interim results for the period ended 30 September 2021
Strong growth in client numbers and trading activity drives
record H1 performance
Argentex Group PLC (AIM: AGFX), the provider of foreign exchange
services to institutions, corporates and high net worth
individuals, today issues its interim results for the six-month
period ended 30 September 2021.
Financial highlights
-- Gross Foreign Exchange ("FX") Turnover: GBP8.3bn (HY 21: GBP5.0bn) - up 67%
-- Revenue: GBP15.7m (HY 21: GBP11.8m) - up 33%
-- Underlying Operating Profit: GBP4.7m (HY 21: GBP3.7m)(*) - up 27%
-- Underlying Operating Profit Margin: 29.9% (HY 21: 31.4%)
-- Profit after tax: GBP3.3m (HY 21: GBP2.7m) - up 22%
-- Highly cash generative, with 79% of revenue converting to cash in 3 months or less
-- Earnings per share: 3.0p (basic); 3.2p (underlying) (HY 21: 2.4p (basic); 2.5p (underlying))
-- Interim dividend: 0.75p per share
Harry Adams, CEO of Argentex commented: "We're delighted to be
reporting a record set of H1 results with strong revenue and profit
growth driven by a continued surge in client trading activity and
increasing demand for our services. As confidence returns in the
aftermath of the pandemic, we're delivering across all of our key
performance metrics, enabled by our robust model and tireless
approach to risk management. Our investment in high-quality people
and evolving technology is integral to our market-leading service
as evidenced by our growing client base in all trading
environments. We remain confident in our future and long-term
strategy to deliver on our ambitious growth plans, and we are well
placed to capitalise on the significant opportunities that lie
ahead."
Operational highlights
-- Strong growth in clients and trading activity as post-pandemic confidence returns
o 271 new corporate clients traded during the period, up 28% (HY
21: 212)
o Total number of all corporate trading clients grew by 27% to
1,241 (HY 21: 981)
o Spot and forward spreads remain consistent with prior year
o Invested in additional headcount to meet growing client
demand: 35% increase to an average of 69 FTE over the period
(HY21:51)
-- Ongoing commitment to product innovation, investment in overseas expansion and technology
o Structured solutions performing well and in line with
expectations (up 33% vs HY 21)
o New office in Amsterdam performing in line with expectations
and delivering half-on-half revenue growth
o Strong and growing usage of the Company's bespoke online
platform (up 43% vs HY 21), underlining increasing demand for
simplified and technology enabled access to products and
services
Outlook
As the macro-economic environment continues to improve, the
Company's confidence in a sustained return to growth increases. The
Group's unswerving long-term strategic focus has technology at its
core and it will continue to evolve its proposition, products and
footprint to meet the growing needs of its client base and the
changing way they interact with Argentex. This supports the
positive long-term outlook for the business and in line with the
Company's distribution policy and to underline the Board's
confidence in its growth prospects, it is pleased to propose an
interim dividend of 0.75p per share in line with the Company's
dividend policy to payout 30% of adjusted profit after tax for the
year.
* Underlying profit excludes non-recurring expenditure of
GBP0.2m (HY21 GBPnil) and a further GBP0.1m (HY21 GBP0.1m) related
to share based payments.
Analyst presentation
Argentex will host an online presentation for equity analysts at
09:30 today. Analysts wishing to register should RSVP to FTI
Consulting: argentex@fticonsulting.com
Retail investor presentation
Management will host a live presentation and Q&A for retail
investors via the Investor Meet Company platform at 16:00 today.
The presentation is open to all existing and potential
shareholders.
Investors can sign up to Investor Meet Company for free and add
to meet Argentex Group PLC via:
https://www.investormeetcompany.com/argentex-group-plc/register-investor
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/Hugo Rubinstein/Giles
Rolls
Telephone: +44 (0) 20 7260 1000
Forward looking statements
This announcement contains certain forward-looking statements
with respect to the financial condition, results of operations and
businesses and plans for Argentex Group PLC. These statements and
forecasts involve risk and uncertainty because they relate to
events and depend upon circumstances that have not yet occurred.
There are a number of different factors that could cause actual
results or developments to differ materially from those expressed
or implied by these forward-looking statements. Nothing in this
statement should be construed as a profit forecast.
The release, publication, transmission or distribution of this
announcement in jurisdictions other than the United Kingdom may be
restricted by law and therefore persons in such jurisdictions into
which this announcement is released, published, transmitted or
distributed should inform themselves about and observe such
restrictions. Any failure to comply with the restrictions may
constitute a violation of the securities laws of any such
jurisdiction.
About Argentex Group PLC
Argentex is a UK-based foreign exchange service provider founded
in 2011 by Harry Adams, Andrew Egan and Pacific Investments. It
operates as a Riskless Principal broker for non-speculative spot
and forward foreign exchange and structured financial derivative
contracts.
The Group delivers tailored foreign exchange advisory and
execution services to a global client base consisting principally
of institutions, corporates and high net worth individuals. It
provides a personal client-led service, improved pricing and a more
efficient execution and settlement service than existing FX service
providers, such as banks and larger broker-dealers.
The business assists customers with foreign exchange
transactions which are related to genuine underlying business
needs. It does not engage in speculative trades for its clients,
nor does it offer margin trading, spread betting, CFDs or similar
products and it does not speculate with its own funds as
principal.
CEO statement
Argentex has maintained its strong momentum through the first
half of the financial year on the back of an improving operating
environment compared to FY21. As global economies recover from
pandemic-related stress, business confidence and trading activity
has increased. The recovery in client activity that we started to
see at the end of the last financial year has continued to pick up
pace too.
Against this backdrop, Argentex reported record performance for
a first half year, highlighted by a 33% increase in revenues to
GBP15.7m (HY 21: GBP11.8m) and a 67% growth in FX turnover to
GBP8.3bn (HY 21: GBP5.0bn). FX turnover excluding swaps increased
by 34% year over year, in line with revenue growth, with spreads
remaining consistent with prior years. This has contributed to an
underlying operating profit of GBP4.7m.
Argentex's ability to efficiently service a rebound in volumes
after a lull in trading activity during FY 2021 is testament to its
proven business model, prudent approach to risk management and
focus on a high-quality client book and a strong balance sheet.
Our Clients
Our targeted investment in a high-quality team has enabled us to
continue servicing clients with the high standards they expect,
throughout the Covid 19 pandemic. This has contributed to over 27%
client growth, with 1,241 clients trading with Argentex during HY
2022 compared to 981 at the same time last year.
This growth in client-base has been approached prudently with a
careful take on procedures as we pursue responsible and sustainable
business growth underpinned by the conservative approach to risk
management which resonates through the business. We continue to
enjoy very low levels of client default.
I am proud of the way Argentex weathered the previously
prolonged downturn in market activity and subsequently seized upon
a clear market opportunity as trading volumes return. As the market
outlook continues to improve and we meet growing client demand
through investment in our people and technology, we are progressing
with our plans to evolve our strategy and operations to take
advantage of the significant growth opportunities and emerging
trends that lie ahead in the UK and in select geographies.
Investing for international growth and quality people
Our corporate strategy remains focused on the hiring and
retention of good quality people and strategic international
expansion. Our new premises in London continues to foster greater
collaboration across the business and support headcount growth to
meet client demand, whilst our move into international markets is
well underway - with our office in Amsterdam contributing half on
half revenue growth despite opening at the onset of the pandemic,
and regulatory approvals for an Australian operation at an advanced
stage.
Technology
We continue to innovate our product offering for our
high-quality client base in line with how they want to do business
with us and their evolving needs. We are pleased with the increase
in users of our online offering (HY 22 up 43% vs HY 21) and our
technology enabled pipeline progresses at pace.
Outlook
The growth potential and scalability of our business model has
been demonstrated in full during the period and the excellent
response from existing and new clients to the economic recovery
paves the way for the opportunities that lie ahead. The shape of
the business continues to evolve with our programme of product
innovation, technology and select footprint growth whilst our
distinct, rigorous approach to risk management ensures our focus on
disciplined profitable growth is maintained. While short-term macro
challenges and uncertainty remain, I'm excited by the journey ahead
and confident in our ability to continue growing and performing for
our clients and all of our stakeholders.
Harry Adams
Chief Executive Officer
Financial review
Revenue
In the six-month period to 30 September 2021 Argentex generated
revenues of GBP15.7m, representing an increase of 33% relative to
the same period in the prior year. Gross FX flows increased by 67%
to GBP8.3bn in the period. Net of swaps, FX flows totalled
GBP3.6bn, an increase of 34% versus HY 21, in line with revenue
growth. Average spreads remaining consistent in the six-month
period versus prior year. Although material in terms of Gross FX
flows, swaps do not generate a material portion of revenue for
Argentex. In HY22, swap revenue represented just 6% of total
revenue (HY 21: 4% and FY 21: 3%). The split of spot and forward
contracts during the period was in line with previous years, (50% /
50%), representing continued focus on sustainable growth and
optimisation of cashflow.
Profitability
Argentex has delivered an underlying operating profit of GBP4.7m
(margin 29.9%) in HY 22 versus GBP3.7m (31.4%) in the same period
of the prior year and versus GBP8.7m (30.9%) for FY2021. GBP0.2m of
non-underlying expenditure has been excluded from underlying
operating profit to adjust for one-time non-recurring items
relating to senior staff changes and set up of overseas operations.
Share based payments of GBP0.1m are also excluded from underlying
operating profit. Underlying profit is presented in the income
statement to provide a comparable view of performance year over
year.
Administrative expenditure has increased by GBP2.9m or 37% in HY
22 compared to the same period in HY21.Traditionally variable
compensation is included within administrative expenditure.
Variable compensation naturally follows revenue generated, and as a
percentage of revenue remains consistent in HY 22 versus HY 21.
This represents GBP1.3m of the GBP2.9m increase in total
administrative expenditure. Net of commissions and variable
compensation, administrative expenditure has grown by GBP1.6m. This
is primarily driven by investment in people, with people costs
having increased by GBP0.8m in HY 22 versus HY 21. HY 22 reflects
an increased average headcount of 69 people compared to an average
of 51 people in FY 21. Hiring has been focussed on front office and
sales staff in particular with average front office headcount
having increased to 42 people in HY 22 versus an average of 32 in
HY 21. As previously articulated, typically the time taken for any
new hires to make a meaningful contribution to revenue and is
around 18 months, therefore these hires have limited contribution
to revenue in the period. We have also invested in support
functions such as compliance and finance in proportion to overall
growth with front office staff consistently representing 60% of
total headcount. The remainder of growth in administrative
expenditure outside depreciation and amortisation is primarily
related to the scaling of operations to a level expected of a
public listed company with an international footprint. Depreciation
and amortisation increased by GBP0.2m in the period due to recent
investments in premises and technology.
Argentex is dedicated to a growth strategy which is centred
around people and technology and underpinned by a conservative
approach to risk. The Group continues to enjoy a high quality and
diversified portfolio of clients which has delivered meaningful
revenue growth with minimal bad debts since inception.
Cashflow
The Group's net cash position (total cash less amounts payable
to clients) is GBP23.0m (HY 21: GBP20.1m, YE 2021:
GBP19.8m). The increase from 31 March 2021 is driven primarily
by operating activities.
30 Sept 2021 30 Sept 2020 31 March
2021
GBPm GBPm GBPm
Cash at bank 43.7 38.0 38.4
Less: amounts payable to
clients (20.7) (17.9) (18.6)
------------ ------------ --------
Net cash 23.0 20.1 19.8
The spot and forward composition of the firm's revenues remains
within historic averages (50% spot/50% forward) which provides
positive cash flows into the business from the core revenue line.
Further to the spot FX cash flows, the average tenor of and FX
forward continues to be less than five months. When combined with
the cash flow profile of the spot FX contracts, Argentex measures
short term cash return as follows:
30 Sept 2021 30 Sept 2020 31 March 2021
GBPm GBPm GBPm
Revenues for the last 12 months
(A) 32.0 26.9 28.1
less:
Revenues settling beyond 3 months (6.7) (5.2) (6.8)
------------ ------------ -------------
Net short term cash generation
(B) 25.3 21.7 21.3
Short term cash return (B/A) 79% 81% 76%
Dividend
Given the return to pre Covid trading activity levels, the Board
is pleased to declare an interim dividend of 0.75p per share (HY 21
: nil) in line with the Group's dividend policy. The interim
dividend will be payable on 8 January 2022 to shareholders on the
register at 10th December 2021. The ex dividend date will be 9th
December 2021.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME as at 30
September 2021
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Revenue 15.7 11.8 28.1
Direct costs (0.2) (0.2) (0.5)
------------- ------------- ----------
Gross profit 15.5 11.6 27.6
Administrative expenditure (10.8) (7.9) (18.9)
---------------------------------- ------------- ------------- ----------
Underlying operating profit 4.7 3.7 8.7
Non-underlying expenditure (0.2) - (0.7)
Share based payments (0.1) (0.1) (0.2)
---------------------------------- ------------- ------------- ----------
Operating profit 4.4 3.6 7.8
Finance Costs (0.2) (0.2) (0.4)
------------- ------------- ----------
Profit before taxation 4.2 3.4 7.4
Taxation (0.9) (0.7) (1.5)
------------- ------------- ----------
Profit and total comprehensive
income for the period 3.3 2.7 5.9
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September
2021
Notes 30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Non-current assets
Intangible assets 1.8 1.8 1.7
Property, plant and
equipment 8 8.6 9.4 9.1
Derivative financial
assets 6 2.5 2.3 4.2
Total non-current assets 12.9 13.5 15.0
Current assets
Trade and other receivables 6 0.6 1.1 0.6
Derivative financial
assets 6 21.2 14.1 21.0
Cash and cash equivalents 7 43.7 38.0 38.4
------------- -----------
Total current assets 65.5 53.3 60.0
------------- ------------- -----------
Current liabilities
Trade and other payables 9 (31.4) (28.7) (28.5)
Derivative financial
liabilities 9 (10.7) (5.9) (9.3)
Total current liabilities (42.1) (34.6) (37.8)
Non-current liabilities
Creditors due after
more than one year 10 (5.5) (6.3) (5.9)
Derivative financial
liabilities 10 (0.9) (0.5) (2.6)
Net assets 29.9 25.4 28.7
------------- ------------- -----------
Equity
Share capital 11 0.1 0.1 0.1
Share premium account 12.7 12.7 12.7
Share option reserve 0.3 0.1 0.2
Merger reserve 4.5 4.5 4.5
Retained earnings 12.3 8.0 11.2
Total equity 29.9 25.4 28.7
CONSOLIDATED STATEMENT OF CASH FLOWS as at 30 September 2021
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2021 2020 (unaudited)
(unaudited) 2021
(audited)
GBPm GBPm GBPm
Cash flows from operating activities
Profit before taxation 4.2 3.4 7.4
Taxation paid - - (2.1)
Net finance expense 0.2 0.2 0.4
Depreciation of right of use assets 0.3 0.4 0.8
Amortisation of intangible assets 0.6 0.6 1.3
Deprecation of property, plant and
equipment 0.3 0.1 0.2
Share based payment expense 0.1 0.1 0.2
Decrease/(increase) in receivables 1.5 (1.0) (0.3)
Increase/(decrease) in payables 3.0 (9.2) (8.6)
Decrease/(increase) in derivative
financial assets (1.5) 8.5 (0.4)
(Decrease)/increase in derivative
financial liabilities (0.3) (8.5) (3.0)
Net cash (used by)/generated from
operating activities 8.4 (5.4) (4.1)
Cash flow from investing activities
Payments to acquire property, plant
and equipment (0.2) (2.4) (2.7)
Payments to acquire intangible fixed
assets (0.7) (0.6) (1.2)
Net cash used in investing activities (0.9) (3.0) (3.9)
Cash flow from financing activities
Payments of lease liabilities - (0.5) (0.5)
Dividends paid during the period (2.2) (2.3) (2.3)
Net cash (outflow)/inflow from financing
activities (2.2) (2.8) (2.8)
-------------- -------------------
Net (decrease)/increase in cash
and cash equivalents 5.3 (11.2) (10.8)
Cash and cash equivalents at the
beginning of the period 38.4 49.2 49.2
Cash and cash equivalents at end
of the period 43.7 38.0 38.4
ARGENTEX GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 30 September 2021
Share Share Share option Merger Retained Total equity
capital premium reserve reserve earnings
GBPm GBPm GBPm GBPm GBPm GBPm
Balance as at
31 March 2020
(audited) 0.1 12.7 - 4.5 7.6 24.9
Profit and
total
comprehensive
income for the
period - - 2.7 2.7
- -
Transactions
with
shareholders
Dividends paid - - - - (2.3) (2.3)
Share based
payments - - 0.1 - - 0.1
------------- -------- ------------ ------------------ ------------------ ------------
Balance as at
30 September
2020
(unaudited) 0.1 12.7 0.1 4.5 8.0 25.4
Profit and
total
comprehensive
income for the
period - - - - 3.2 3.2
Transactions
with
shareholders
Share based
payments - - 0.1 - - 0.1
------------- -------- ------------ ------------------ ------------------ ------------
Balance as at
31 March 2021
(audited) 0.1 12.7 0.2 4.5 11.2 28.7
Profit and
total
comprehensive
income for the
period - - - - 3.3 3.3
Transactions
with
shareholders
Dividends paid - - - - (2.2) (2.2)
Share based
payments - - 0.1 - - 0.1
------------- -------- ------------ ------------------ ------------------ ------------
Balance as at
30 September
2021
(unaudited) 0.1 12.7 0.3 4.5 12.3 29.9
1) Corporate information
Argentex Group PLC ("the Company") is a public limited company,
limited by shares, incorporated and domiciled in England and Wales.
The address of the registered office of the Company is 25 Argyll
Street, London, W1F 7TU. The Company's shares are listed on AIM,
the London Stock Exchange's market for small and medium size growth
companies. The Company is the ultimate parent company into which
the results of its subsidiaries are consolidated.
2) Basis of preparation
The consolidated financial information contained within these
financial statements is unaudited and does not constitute statutory
accounts within the meaning of Section 434 of the Companies Act
2006.
While the financial figures included in this interim report have
been prepared in accordance with IFRS applicable to interim
periods, this interim report does not contain sufficient
information to constitute an interim financial report as defined in
IAS 34. Financial information for the year ended 31 March 2021 has
been extracted from the audited financial statements for that
year.
The financial statements have been prepared using the
measurement bases specified by IFRS for each type of asset,
liability or expense. The accounting policies applied in
preparation of these interim financial statements are consistent
with the basis that was adopted for the preparation of the full
year accounts for the year ended 31 March 2021 and will be adopted
for the full year accounts for the year ended 31 March 2022.
Statutory accounts for the year ended 31 March 2021 have been
reported on by the Company's Independent Auditor and have been
delivered to the Registrar of Companies. The Independent Auditor's
Report on the Annual Report and Financial Statements for 2020 was
unqualified, and did not contain a statement under 498(2) or 498(3)
of the Companies Act 2006. The Independent Auditor drew attention
to note 3.2 of the statutory financial statements, which describes
the impact of COVID-19 on the Company by way of emphasis. The audit
opinion was not modified in respect of this matter.
These interim financial statements are prepared on a going
concern basis as the directors have satisfied themselves that, at
the time of approving these interim financial statements, the Group
has adequate resources to continue in operational existence for at
least the next twelve months, from the date of this report.
3) Accounting policies
The accounting policies adopted in these interim financial
statements are identical to the those adopted in the Group's most
recent annual financial statements for the year ended 31 March
2021, which are available from the Registrar of Companies and
www.argentex.com/investor-relations .
4) Earnings per share
The Group calculates basic earnings to be net profit
attributable to equity shareholders for the period. The Group also
calculates an underlying earnings figure, which excludes the
effects of share based payments, and non-recurring costs (net of a
tax adjustment). The calculation of diluted earnings per share
assumes conversion of all potentially dilutive ordinary shares, all
of which arise from share options.
Period ended Period ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
GBPp GBPp GBPp
------------ ------------ -------------
Basic earnings per share 3.0 2.4 5.2
Diluted earnings per share 3.0 2.4 5.2
Underlying - basic 3.2 2.5 5.9
Underlying - diluted 3.2 2.5 5.9
The calculation of basic and diluted earnings per share is based
on the following number of shares:
Period ended Period ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
m m m
Basic weighted average shares 113.2 113.2 113.2
Contingently issuable shares 0.1 0.1 0.1
------------ ------------ -------------
Diluted weighted average
shares 113.3 113.3 113.3
The earnings used in the calculation of basic, diluted and
underlying earnings per share are set out below:
Period ended Period ended Year ended
30 Sept 2021 30 Sept 2020 31 March 2021
GBPm GBPm GBPm
Earnings - basic and diluted 3.3 2.7 5.9
Non-underlying expenditure 0.2 - 0.7
Share-based payments 0.1 0.1 0.2
Tax impact - - (0.1)
------------ ------------ -------------
Earnings - underlying 3.6 2.8 6.7
5) Dividends
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Amounts recognised as distributions
to equity holders:
Interim dividend of 2.0p per
share - 2.3 2.3
Final dividend of 2.0p per
share 2.3 - -
The final dividend was declared in August 2021 in respect of the
results for the year ended 31 March 2021, and paid in respect of
the ordinary shares in issue of GBP0.0001 each.
6) Trade and other receivables
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBP
Non-Current
Derivative financial assets at
fair value 2.5 2.3 4.2
------------ ------------ ----------
2.5 2.3 4.2
============ ============ ==========
Current
Derivative financial assets at
fair value 21.2 14.1 21.0
Other debtors 0.1 0.8 0.1
Prepayments 0.5 0.3 0.5
------------ ------------ ----------
0.6 1.1 0.6
============ ============ ==========
7) Cash and cash equivalents
Cash and cash equivalents include cash on hand and at banks.
Cash and cash equivalents at the end of the reporting period can be
reconciled to the related items in the Statement of Financial
Position as follows:
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Cash and cash equivalents
Cash held at banks 43.7 38.0 38.4
------------ ------------ ----------
43.7 38.0 38.4
============ ============ ==========
Included within cash and cash equivalents are client held funds
relating to margins received and client balances payable (See note
9).
Client balances held as electronic money in accordance with the
Electronic Money Regulations 2011
are held in accounts segregated from the firm's own bank
accounts in authorised credit institutions.
Cash includes cash held as collateral with banking and brokerage
counterparties for which the Group does not have immediate access
of GBP0.4m (30 September 2020: GBP0.9m; 31 March 2021: GBP0.1m)
8) Property Plant and Equipment
Leasehold Right of Office Computer Total
improvements use equipment equipment
asset
Cost GBPm GBPm GBPm GBPm GBPm
At 31 March 2020 0.4 1.2 0.2 0.4 2.2
Additions 1.6 7.2 0.5 0.4 9.7
------------- -------- ---------- ------------- -----
Disposals (0.4) (1.2) (0.2) (0.2) (2.0)
------------- -------- ---------- ------------- -----
At 30 September
2020 1.6 7.2 0.5 0.6 9.9
Additions 0.1 - 0.1 - 0.2
------------- -------- ---------- ------------- -----
At 31 March 2021 1.7 7.2 0.6 0.6 10.1
Additions - - 0.1 0.1 0.2
Disposals - - - - -
------------- -------- ---------- ------------- -----
At 30 September
2021 1.7 7.2 0.7 0.7 10.3
Depreciation
At 31 March 2020 0.4 1.1 0.2 0.3 2.0
Charge for the period - 0.4 - - 0.4
------------- -------- ---------- ------------- -----
Disposals (0.4) (1.2) (0.2) (0.2) (2.0)
------------- -------- ---------- ------------- -----
At 30 September
2020 - 0.3 - 0.1 0.4
Charge for the period 0.1 0.4 - 0.1 0.6
------------- -------- ---------- ------------- -----
At 31 March 2021 0.1 0.7 - 0.2 1.0
Charge for the period 0.1 0.3 0.1 0.1 0.6
Disposals - - - - -
------------- -------- ---------- ------------- -----
At 30 September
2021 0.2 1.0 0.1 0.3 1.6
Net Book Value
At 30 September
2021 1.5 6.2 0.6 0.4 8.6
------------- -------- ---------- ------------- -----
At 31 March 2021 1.6 6.5 0.6 0.4 9.1
------------- -------- ---------- ------------- -----
At 30 September
2020 1.6 6.9 0.5 0.5 9.5
------------- -------- ---------- ------------- -----
At 31 March 2020 - 0.1 - 0.1 0.2
9) Trade and other payables
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
GBP m GBP m GBP m
Derivative financial liabilities
at fair value 10.7 5.8 9.3
Loans and other debts due to members
and former members of Argentex
LLP 3.2 4.7 3.8
Trade creditors - 0.1 -
Amounts payable to clients 20.8 18.0 18.7
Other creditors 0.4 - 0.7
Accruals 3.1 2.4 2.3
Other taxation and social security - - 0.3
Lease liability 1.6 0.7 1.2
Corporation tax 2.4 2.9 1.5
----- ------------ ----------
31.5 28.8 28.5
===== ============ ==========
10) Creditors: amounts falling due after more than one year
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Derivative financial liabilities
at fair value 0.9 0.5 2.6
Lease liabilities 5.4 6.3 5.7
Provisions 0.1 - 0.2
------------ ------------ ----------
5.5 6.3 5.9
============ ============ ==========
11) Share capital
Ordinary Management Nominal
shares shares value
Allotted and paid up No. (m) No. (m) GBP
Ordinary shares of GBP0.0001
each 113.2 - 11,321
Management shares issued of
GBP0.0025 each - 23.6 58,974
----- ---- ------
At 30 September 2021 113.2 23.6 70,295
===== ======
There were no changes to share capital during the period from 1
April 2021 to 30 September 2021.
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END
IR FSSESWEFSEDF
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November 08, 2021 02:00 ET (07:00 GMT)
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