Argentex Group reports 32% revenue growth for the year

UK-based provider of foreign exchange services to institutions, Argentex Group PLC released full year results for the year ended 31 March 2020.

The Group reported FX turnover of £12.1 billion, registering a 12% increase compared to the previous year when it was £10.8 billion. Group revenue or the year increased 32.3% to £28.9 million.

Underlying operating profit reached £12.5 million with 28% rise compared to the £9.7 million in 2019. The underlying earnings were £10 million and earnings per share were 7.1p (basic) and 8.8p (underlying).

Argentex reported revenue growth driven by continued strong client demand and increased client activity. During the year, the company had 380 new corporate clients and 1,212 corporates actively trading, up by 12%.  Client demand maintained during recent sustained period of volatility.

Recently, Argentex announced the completion of its new 12,500 ft2 headquarters in London which will allow for further growth in headcount.

The company reported positive long-term growth prospects despite the uncertain macro outlook.

Carl Jani, Co-Chief Executive Officer, commented:

Carl Jani, Argentex

Carl Jani
Source: LinkedIn

When joining the London Stock Exchange’s AIM in June 2019, we had a clear commitment to our growth strategy and proven business model and since then, we are proud to have gone from strength to strength while considerably increasing the scale and breadth of our business.

Argentex revenues

Harry Adams, Co-Chief Executive Officer, stated:

Harry Adams, Argentex

Harry Adams
Source: LinkedIn

The increased capital strength and enhanced brand recognition that the IPO has afforded us, has positioned the business on firm foundations for our first year of trading and we’re delighted with the financial and operational momentum we have achieved.

Our growth trajectory has been set against some of the most unprecedented markets recently recorded and our thoughts are with all of those impacted by the COVID-19 pandemic. We are proud of the spirit, collegiality and resilience shown by our people in ensuring a continuity of service for our growing, increasingly active and diversified client base. All the while, the investment in our proprietary systems and technology has served us well as the client demand continued during the recent sustained period of extreme volatility.

Lord Digby Jones, Non-Executive Chairman, said:

After a strong start as a listed company we remain confident of the Group’s long-term prospects despite the uncertain macro outlook. Our strong business model, unwavering strategy and expertise in a sector that will continue to be vital for clients, will help the Group continue to build on its track record.

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