Argentex upbeat after recent, 'exceptional' trading
By Josh White
Date: Monday 03 Oct 2022
(Sharecast News) - Foreign exchange service provider Argentex Group said in an update on Monday that it expected to report first-half revenue of £27.4m, making for a 75% increase year-on-year.
The AIM-traded firm said costs remained in line with management expectations in the six months ended 30 June, adding that client demand continued strongly, with the number of corporate clients trading growing to 1,393 from 1,241 a year ago.
It said the growth was driven by its core UK proposition, and a "disciplined approach" to costs, in line with guidance.
The performance was also supported by more favourable market dynamics, with the recent historic lows in sterling presenting "exceptional" short-term trading conditions.
Momentum was also building behind the company's long-term growth pillars, the directors explained, as it created a "more technology-enabled" platform, added and retained key talent, and gradually built its international presence.
As a result, the board said it was confident that the company would exceed current market expectations for the year ending 31 December.
"The strong performance during the period is defined by a 75% uptick in group revenues, demonstrating our strategy is delivering results as we unlock the long-term growth potential of Argentex," said chief executive officer Harry Adams.
"The board is confident in the group's ability to exceed current market expectations and to continue generating positive outcomes for clients, employees and shareholders.
"While current market dynamics, specifically the historic lows in sterling, present exceptional short-term trading conditions, our long-term growth strategy and outlook remain unchanged."
Argentex said it would report its interim results for the six months ended 30 September on 8 November.
At 1254 BST, shares in Argentex Group were up 12.99% at 102.26p.
Reporting by Josh White at Sharecast.com.
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