FCA regulated provider of foreign exchange services to corporate and private clients across EMEA, Argentex LLP, just announced its financial results for the twelve months ended 31 March 2019.
This is another record revenue and profit growth year for the company, driven by a 38% increase in gross notional currency traded, to £10.8 billion.
Financial highlights include:
- Gross notional currency traded increased by 38% to £10.8 billion (FY18: £7.8 billion)
- Revenue of £21.9 million, up 66% year on year (FY18: £13.2 million
- Operating profit of £11.5m, a 77% increase
- Trading corporate clients grew 27.1% to 1,141 (FY18: 898)
- First options products launched for Professional and Eligible Counterparty clients
- Secured investment from City veteran Oliver Hemsley, who also joined the Advisory Board
- Record month of trading in March 2019, with revenues in excess of £3 million
Carl Jani, Co-Founder and CO-CEO of Argentex commented:
We are pleased to announce another year of record revenue growth, up 66% on the prior year. We have delivered 46% compound growth since 2016, as well as a record month of trading in March. Improved productivity, diversification of our revenue base and the launch of options products have all driven growth in this financial year. Our decision to invest heavily in regulatory compliance in 2017 differentiates our proven, scalable platform and has uniquely positioned Argentex as a trusted and secure counterparty.
Harry Adams, Co-Founder and CO-CEO of Argentex added:
After a positive start to the 2020 financial year, we remain confident about the huge addressable market opportunity for Argentex. We look forward to driving sales growth in the coming year, through the expansion of our sales team and revenue diversification. We will continue to provide bespoke, flexible foreign exchange solutions, putting our clients at the forefront of what we do.