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Argentex interim revenues grow on growth in FX turnover

By Iain Gilbert

Date: Monday 11 Oct 2021

Argentex interim revenues grow on growth in FX turnover

(Sharecast News) - Foreign exchange services firm Argentex said on Monday that interim revenues were expected to have shot up by a third amid growth in FX turnover.
Argentex stated interim revenues were up 33% to £15.7m in the six months ended 30 September, while FX turnover had increased 67% to £8.3bn as clients trading with the group grew by 27% to 1,241.

The AIM-listed group added that its financial performance had been supported by an ongoing recovery in client trading volumes following the onset of Covid-19.

Chief executive Harry Adams said: "We are pleased with how Argentex has maintained its strong momentum into the new fiscal year, building on the positive trends reported towards the end of FY 2021. Our track record of prudent risk management continues to be a key differentiator, reflected in our focus on revenue quality and continued low levels of bad debt.

"This is a key factor contributing to the positive performance delivered over the last six months and the strength of our business model. Supported by increased sales capacity in new, larger headquarters and ongoing investment in our technology, we are well placed to capitalise on the significant opportunities ahead."

As of 1035 BST, Argentex shares were down 0.10% at 97.90p.

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