Argentex sees strong growth in first year as a listed company

The group listed in June 2019 and it has certainly been an interesting year, characterised by volatility in foreign exchange markets and increased uptake of Argentex's services

Argentex -

Argentex Group PLC (LON:AGFX), a provider of foreign exchange services, saw a significant increase in underlying earnings in its first year as a listed company.

Profit before tax in the year to the end of March 2020, shot up to £10.2mln from £2.1mln the previous year on revenue that rose to £29.0mln from £21.9mln the year before as foreign exchange passing through the Argentex system topped £12bn – up 32.3% year-on-year.

Argentex revealed 380 new corporate clients traded during the period, lifting the number of active corporate clients to 1,212, up 12% on the previous year.

The Spot and Forward product range denominated by dollar, sterling and euro continues to be the bedrock of Argentex's offering but the year also saw increasingly become interested in foreign exchange options, thus demonstrating the group's ability to serve the broadening needs of clients and the gradual move towards a more diversified revenue stream.

The group has declared a maiden dividend of 2p, in line with the group’s policy of paying out 30% of retained profit after tax (after adjusting for exceptional items).

"It has been an excellent first year trading as a listed business in which we have continued to generate double-digit revenue and profit growth supported by an expanding, increasingly active and high-quality client base,” said Carl Jani, the co-chief executive officer (CEO) of Argentex in the results statement.

Harry Adams, Argentex's other co-CEO, said the group’s growth trajectory had been set against some of the most unprecedented markets recently recorded.

“Investment in our proprietary systems and technology has served us well as the client demand continued during the recent sustained period of extreme volatility," he declared.

Quick facts: Argentex

Price: 116.95 GBX

Market: AIM
Market Cap: £132.4 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Argentex named herein, including the promotion by the Company of Argentex in any Content on the Site, the Company receives from said issuer...


Argentex LLP says trading update shows fundamentals remain strong as 'debt...

Argentex Group PLC's (LON:AGF) Harry Adams talks to Proactive London's Katie Pilbeam about the impact coronavirus (COVID-19) had on the business but says fundamentals remain as the company is still 'debt free and cash rich'. In a trading update, the company said revenues for the six-months to...

on 13/10/20

2 min read