FCA regulated provider of foreign exchange services to corporate and private clients across EMEA, Argentex LLP (or ‘the Company’), has just reported its results for the twelve months ended 31 March 2018.
Argentex saw another year of strong growth across all key metrics, cementing the company’s position as a provider of foreign exchange services and advice to corporate and private clients.
The growth was achieved despite considerable exceptional costs in the financial period, as the business continued its investment in compliance functions related to the implementation of MIFID II, GDPR and PSD2 regulation.
- Revenue of £13.2 million, up 24.5% year on year (2017: £10.6 million)
- Gross notional currency traded increased by 37% to £7.8 billion (2017: £5.7 billion)
- Trading corporate clients grew 19% to 900 (2017: 757)
- £1 million invested in regulatory and compliance functions
- Net profit of £6.1 million, an increase of 12.9% (2017: £5.4 million)
- For three consecutive quarters, Argentex was ranked the most accurate forecaster by Bloomberg for the world’s most traded market (EUR/USD), reinforcing the accuracy and expertise of the Argentex team;
- In Q1 Argentex was also ranked as the most accurate forecaster by Bloomberg for GBP/USD;
- Argentex received authorisation from the Financial Conduct Authority for the provision of Investment Services under MiFID II, making Argentex one of very few providers in the market able to offer FX, payment, E-Money and MiFID-relevant services all from the same entity.
Unaudited figures show the business has entered the 2019 financial year with increased operational and strategic momentum underpinned by a growing demand for the company’s products and services as well as increased volatility in the currency markets. Argentex reported record monthly revenues in September of over £2 million. The volume of currency traded for the six months to 30 September 2018 rose to over £5.1 billion generating revenues of more than £9.4 million, an increase of 47% over the same period last year.
Harry Adams, CEO at Argentex commented:
We provide our clients with independent advice and FX services and these results demonstrate that as an established, employee owned business, we continue to grow at a sustainable rate.
We were particularly encouraged to maintain momentum with both revenue and profit growth, despite significant regulatory costs. Argentex have always been proud to set the benchmark for corporate stewardship and governance across the industry through full regulatory compliance, and as a result we invested heavily in compliance capacity.
We saw strong performance in the six months following year end, including record trading volumes and the execution of our first structured products in September as our clients look to protect against currency movements and uncertainty fuelled by the ongoing Brexit headlines and a potential Labour government. We remain in a very strong position to drive further client growth and look forward to building on our suite of products and advice as we aim to become the FX provider of choice.