Argentex Group PLC, a provider of foreign exchange (forex) services, has announced its financial results for its first full year as a public company, which ended on 31st March 2020.
During the 12 month period, Argentex, which provides FX services to institutions, corporate clients and high net worth private individuals, reported a Group revenue of £28.9 million. This is greater than the company’s 2019 revenue of £21.9 million by 32.2 per cent.
The company said in a statement today that growth in revenue was driven by strong client demand and increased client activity. In particular, the firm recorded 380 new corporate clients that traded during the period. The number of corporates actively trading was 1,212 – which is an increase of 12 per cent.
FX Turnover Increased by 12% YoY on Argentex
Turnover for foreign exchange increased by 12 per cent over the year, climbing from £10.8 billion in 2019 to £12.1 billion for its first year.
What Does 2021 Hold for the Markets? HYCM CEO SpeaksGo to article >>
95 per cent of Argentex’s FX portfolio was made up of the United States dollar (USD), British pound (GBP) and Euro (EUR) trades. During this time, the company witnessed a strong uptake of its FX Options book.
The underlying profit for the FX services provider came in at £12.5 million for the year. This represents an uptick of 28 per cent when measured against the prior year, which showed an underlying profit of £9.7 million.
Commenting on the financial results, Carl Jani, the Co-Chief Executive Officer of Argentex, said in the statement: “It has been an excellent first year trading as a listed business in which we have continued to generate double digit revenue and profit growth supported by an expanding, increasingly active and high-quality client base.
“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.”