Argentex PLC (LON:AGFX) said trading volumes bounced back to record levels in the second half of its financial year to end-March and have continued to be strong this year.
The small business foreign exchange (FX) services provider said revenues for the year as a whole were stable at £28.1mln (£28.9mln), but at £16.4mln the second half was 39% higher than the first.
Some 665 new customers signed up during the year, Argentex said, with a record number active, which helped total FX turnover rise 5% to £12.8bn.
Over 80% of the group's portfolio comprised trades in sterling, euro and US dollar, with a continued even revenue split between spot and forward trades.
Pre-tax profit was £7.4mln compared to £10.2mln a year earlier while the final dividend was maintained at 2p per share.
Harry Adams, chief executive, said the City of London-based business had responded strongly to the disruption from Coronavirus (COVID-19) with volumes recovering well.
COVID-19 prompted a fundamental shift in international capital flows during the last financial year, he added.
“High volatility combined with macro-economic concerns resulted in uncertainty and hesitancy.
“Despite this, the ongoing vaccine rollout and gradual return to normality for many developed countries has led to an unwinding of investor uncertainty, with FX flows returning to expected levels as pent-up demand is unleashed.
“I am pleased that our first quarter of the current financial year has continued this trend and our revenues are approximately 34% per cent ahead of the same quarter last year."
Argentex added it is now generating revenues from a new office in Amsterdam and expects to open in Sydney next year.