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Argentex sees short-term opportunities in political uncertainty

The foreign exchange services provider, which made its AIM debut in June raising £12mln, sees a “strong” outlook

Argentex - Argentex sees short-term opportunities in political uncertainty
Many companies are benefiting from weak sterling

 

Corporate foreign exchange specialist Argentex Group PLC (LON:AGFX) is looking to double the number of its frontline sales staff over the coming eighteen months to cope with growing demand for its services.

“We have barely a fraction of a market worth hundreds of billions of pounds.

"How can we get more? is the question we ask ourselves every morning” said Carl Jani, co-chief executive.

Argentex added the current political environment in the UK should be positive for the business.

Uncertainty is expected to present short-term opportunities though Jani did say ‘Brexit paralysis’ was becoming more evident.

Pressure on the sterling has brought benefits for those who export from the UK or are pouring overseas revenues into British bank accounts.

The foreign exchange services provider, which made its AIM debut with a £12mln June fundraising, says a “strong” outlook is behind the expansion plans that will include a major floor space upgrade.

Revenue for the six months to 30 September came in at £13mln, up 32% compared to the same period last year, while operating profit doubled to £8mln and cash at the end of the period was £32mln.

The company signed up 210 new corporate clients, for a total of 932 actively trading in the period.

“We reached a significant milestone in the company's history when we were successfully admitted to trading on AIM in June,” Carl Jani added.

“At that time, we had a clear message of commitment to our growth strategy and proven business model, which has delivered profitable growth since inception.

Shares eased 4% to 165p having started life on AIM at 106p.

--adds share price, additional comment --

 

Quick facts: Argentex

Price: 126 GBX

AIM:AGFX
Market: AIM
Market Cap: £142.64 m
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