Argentex Group PLC (AIM:AGFX) said it expects to report a 23% jump in revenue as customer numbers increased despite an “uncertain and volatile geopolitical background".
The provider of foreign exchange services said revenue in the year ending 31 March 2022 should reach £34.5mln with underlying operating profit margins expected to be around 31% - in line with previous year.
According to a trading update, Argentex said faced with the uncertainty caused by the war in Ukraine, it continued to take a "prudent approach to risk management" which allowed it to stay "debt free, cash generative and profitable".
Performance was driven by “broadening its geographic reach,” with its Netherlands office delivering revenue growth in each half since it opened.
Argentex also increased its number of clients, with the total number of trading corporates climbing to 1,624 from 1,385.
“In the financial year 2022, we reset the business, evolved the strategy and invigorated the growth potential of the group,” said chief executive Harry Adams.
“The momentum behind those long-term initiatives is starting to bear fruit, as reflected in our robust financial performance."
The company, which listed just three years ago, said it will continue to "invest to ensure it develops to meet its client's needs."
A statement said key parts of the growth strategy include international growth, with it set to open an Australian branch this year.
Additionally, Argentex appointed David Christie as chief operating officer and David Winney as global chief compliance and risk officer.
Christie has over 25 years of experience in financial technology services, while Winney’s career spans 30 years in financial services, including the management of global firms such as HSBC.
Shares were down 7% to 73.2p in morning trading.