Argentex surges as it highlights continuation of ‘strong client demand’ despite pandemic

The foreign exchange specialist expects to report a 30% increase in revenues to £29mln for the year just ended, with forex turnover exceeding £12bn

Argentex - Argentex surges as it highlights continuation of ‘strong client demand’ despite pandemic

Argentex Group PLC (LON:AGFX) shares jumped on Wednesday as the foreign exchange specialist said “strong client demand” has been maintained during recent volatility caused by the coronavirus pandemic.

In a trading update for the 12 months to March 31, the company said it expected to report a 30% increase in revenues to £29mln, up from £21.9mln last year, with forex turnover exceeding £12bn compared to £10.8bn in 2019.

Argentex said it was continuing to experience “very strong growth in customer numbers”, adding 450 new corporate clients during the period while those actively trading rose by 12%.

As a result, the company said it was confident that it will meet its full-year profit expectations.

However, Argentex co-chief executives Harry Adams and Carl Jani said it was “too early “ to ascertain the full ramifications of the coronavirus on markets and corporates, but added that the company’s “high quality, creditworthy client base, risk framework and disciplined liquidity management” left it well-positioned to pursue its long-term growth objectives.

“Our continued strong performance underlines the commitment to our growth strategy and proven business model, and we are confident in our ability to deliver our leading FX services and advice to our clients, while generating returns to investors”, they added.

Argentex shares were up 19.5% at 119.5p in afternoon trading on Wednesday.

 -- Updates share price --

Quick facts: Argentex

Price: 118 GBX

Market: AIM
Market Cap: £133.58 m

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