What it does
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.
In October, Argentex said that while coronavirus (COVID-19) disruption led to some deferral of business in the first half of 2020 it expects to make this up over the rest of the year.
In a trading update, the company said revenues for the six months to September 30, 2020, were £11.8mln, or 14.7% lower than the previous year.
Argentex said continued macro-economic uncertainty and the effects of the COVID-19 pandemic had caused the dip in revenue but it expects these deferrals to result in stronger trading volumes in the second half of the financial year.
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.
“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."
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 the potential for international trades to grow", the broker added, as Argentex currently generates most of its revenue from UK clients."