30 January 2024
Argentex
Group PLC
("Argentex" or the "Group")
Trading
Update
Appointment of Interim CFO
Argentex Group PLC (AIM: AGFX), the
provider of currency management and payment solutions to
international institutions and corporates, today issues a trading
update for the year ended 31 December 2023 and announces the
appointment of an Interim CFO.
Trading Update
On 10 November 2023 Argentex
announced that it expected to report that revenue and operating
profit for the 12 months to 31 December 2023 would be
at approximately the same levels as for the twelve
months ended 31 December 2022.
The Board now confirms that it
expects revenues for the twelve months to 31 December 2023
of approximately £49.8m, compared to £50.4m for the twelve
months to 31 December 2022*, and operating profit of not less than
£8.0m, compared with £11.3m for the same period in 2022.
The Group invested, as communicated
at the time, for growth in 2023, with significant investment in
people, technology and overseas expansion. However, market
conditions have remained challenging and there have been a number
of costs which had not been anticipated previously.
*the Group changed to a 31 December
year end reporting date in FY2022 and published audited results for
a 9 month period to 31 December 2022. FY2023 results
have been compared with an equivalent 12-month period for
2022.
Appointment of Interim
CFO
Argentex is pleased to announce the
appointment of Guy Rudolph as Interim Chief Financial Officer with
effect from 31 January 2024. Guy is a qualified chartered
accountant and began his career at PwC before joining Vodafone
where he spent 16 years driving transformation across international
teams in his roles as Group Audit and Risk Director, and Director
of Group Financial Operations. He was also the deputy CFO of
Camelot from 2017 to 2022 and later interim Director of Group
Finance at Rank Group plc.
Jim Ormonde, Interim CEO of
Argentex, commented:
"The results for 2023 are clearly
below market expectations but we remain
confident that there is a significant market opportunity for
us to exploit. We will share our plans for the business with
investors following the publication of our full year results in
April and after we have completed our strategic
review.
The Group
continues to be profitable and highly cash generative, with a new
senior management team fully focused on transforming the business
to capitalise on the growth opportunities ahead. We
will be looking for operational efficiencies in addition to
sustainable growth and Guy's rigour will strengthen our forecasting
capability and help drive cost discipline and accountability across
the management team.
We are positive about the long-term
outlook of Argentex and look forward to sharing the outcomes from
the ongoing strategic review following the full year results in
April."
This announcement contains inside information for the purposes
of the UK version of the Market Abuse Regulation ("MAR") which
forms part of UK law by virtue of the European Union (Withdrawal)
Act 2018; as amended. Upon publication of this announcement,
the inside information is now considered to be in the public domain
for the purposes of MAR.
For further information, please
contact:
Argentex Group PLC
Jim Ormonde - Interim Chief
Executive Officer
investorrelations@argentex.com
Singer Capital Markets (Nominated
Adviser and Broker)
Tom Salvesen / James Maxwell / Angus
Campbell
020 7496 3000