Argentex taps into rising foreign exchange demand


The corporate forex firm doubled its operating profit and booked a third more clients in the last six months, saying political uncertainty in UK increases demand for currency exchange

Argentex -

Quick facts: Argentex

Price: 160 GBX

Market: AIM
Market Cap: £181.13 m

What it does

Argentex Group PLC (LON:AGFX) specialises in providing corporate foreign exchange for institutions, small and medium-sized corporates and high net worth private individuals.

How it’s doing

The foreign exchange services provider, which made its AIM debut with a £12mln fundraising, is taking a long-term view of its future. 

“We have barely a fraction of a market worth hundreds of billions of pounds,” said Carl Jani, co-chief executive.

"’How can we get more?’ is the question we ask ourselves every morning.”

In May, the group agreed terms for a new headquarters - located at 25 Argyll Street, London, and managed by W.RE. - that it said will support the significant expansion of headcount across all areas.

Argentex has been based on Old Bond Street since 2015, in which time it has delivered an unbroken period of profitable growth.

What the boss says: Harry Adams, co-chief executive 

"Securing a new office space that will support the next stage of our ambitious growth strategy is a significant milestone for the business.

“Since listing in June last year, the business has gone from strength to strength. The new office will further enable us to nurture and attract leading talent and work collaboratively and safely to provide the very best FX services and advice to our growing client base."

Blue Sky 

Broker Numis says Argentex's foreign exchange service to small and medium-sized enterprises is a “very high margin business", with an operating margin of 46%.

Unlike most of the rest of the sector, Argentex has almost no market or macro risk.

Numis also pointed out that Argentex is very well diversified by customer and geography, and has "little regulatory risk compared to the rest of the sector”.

"We also see potential for international trades to grow", the broker added, as Argentex currently generates 72% of its revenue from UK clients.

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