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Argentex Group PLC (AGFX)

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Monday 07 October, 2019

Argentex Group PLC

Trading Update

RNS Number : 8871O
Argentex Group PLC
07 October 2019
 

 

7 October 2019

 

Argentex Group PLC

 

Trading Update

 

Argentex Group PLC, ("Argentex", "the Group", "the Company"), the recently listed provider of foreign exchange services to institutions, corporates and high net worth private individuals, today issues a Trading Update for the first half of the financial year ending 30 September 2019.  

Argentex continued to build on its strong track record of growth during the period, generating revenues of £9.3 million from 25 June 2019 to 30 September 2019, the period since the Group's admission to the AIM market of the London Stock Exchange.

Underlying revenues for Argentex LLP, the Group's FCA regulated trading subsidiary, for the full six-month period to 30 September 2019 were £13.8 million, an increase of 45% compared to Argentex LLP's H1 2018 results (£9.5 million). 

The performance was driven by growth in both client numbers and currency volume traded. The Company's IPO has furthered its ability to support increasing trading volumes going forward.  

Lord Digby Jones, Non-executive Chairman of Argentex commented: "We are pleased with the Company's performance during the period, which reinforces our confidence in meeting expectations for the current financial year and in the Group's long-term prospects."

Argentex will be reporting its interim results for the six months ended 30 September 2019 on 20th November 2019.


For further information please contact:

 

FTI Consulting (Financial PR)

Ed Berry, Antonia Powell

Telephone: 0203 727 1046

[email protected]ng.com

 

Numis Securities Limited (Nominated Adviser and Broker)

Stephen Westgate, Charlie Farquhar, Laura White, Hugo Rubinstein
Telephone: +44 (0) 20 7260 1000

 

About Argentex Group PLC

 

Argentex is a UK-based foreign exchange service provider founded in 2011 by its current senior management and Pacific Investments. It operates as a Riskless Principal broker for non-speculative spot and forward foreign exchange and structured financial derivative contracts.

 

The Group delivers tailored foreign exchange advisory and execution services to a global client base consisting principally of institutions, corporates and high net worth private individuals. It provides a personal client-led service, improved pricing and a more efficient execution and settlement service than existing FX service providers, such as banks and larger broker-dealers.

 

The business assists customers with foreign exchange transactions which are related to genuine underlying business needs. It does not engage in speculative trades for its clients, nor does it offer margin trading, spread betting, CFDs or similar products and it does not speculate with its own funds as principal.

 

Since the business commenced trading in 2012, it has experienced significant year-on-year growth in customers, transaction volumes and revenue. Argentex has been profitable in every financial year since incorporation.  For the year ended 31 March 2019, Argentex reported revenues of £21.9 million and operating profit of £9.4 million.

 

Argentex has a rigorous risk management culture and robust compliance procedures. It is authorised and regulated by the FCA as an Electronic Money Institution and is an IFPRU €125k Investment Firm. Argentex only trades with Institutional Counterparties with robust balance sheets, high credit ratings and sound capital resources and performs rigorous KYC and AML checks prior to accepting new clients.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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