Argentex makes good start to life on AIM

Since it was founded in 2012 Argentex has been profitable every year

Argentex handled nearly £11bn worth of transactions last year

Foreign exchange services provider Argentex PLC (LON:AGFX) has made a decent start to its life on junior market AIM.

Shares were trading at around 130p in early dealings valuing the currency specialist at £147mln.

Ahead of the float, Argentex raised £14mln of new money at 106p a share while the owners sold a further £32.5mln worth of shares.

Property tycoon Sir John Beckwith’s Pacific Investments Group was the majority owner prior to the listing.

In May, Travelex owner, Finablr (LON:FIN) listed on the main market and though Argentex is much smaller it is growing rapidly.

Since it was founded in 2012, Argentex has been profitable every year with revenues rising by 43% compound over the past 24 months to £21.9mln.

Operating profits in the year to March 2019 were £9.4mln while the amount of currency it handled rose to £10.8bn from £7.9bn.

Quick facts: Argentex

Price: 177 GBX

Market: AIM
Market Cap: £200.38 m

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