Argentex Group PLC, a provider of foreign exchange (forex) services, has announced its financial results for its first full year as a public company, ending on the 31st of March 2020, this Monday.
During the 12 month period, Argentex, which provides its FX services to institutions, corporates and high net worth private individuals, reported a Group revenue of £28.9 million. This is higher than the company’s 2019 revenue of £21.9 million by 32.2 per cent.
The growth in revenue was driven by a strong client demand and increased client activity, the company said in a statement today. In particular, the firm recorded 380 new corporate clients that traded during the year. The number of corporates actively trading was 1,212 – which is higher by 12 per cent.
FX turnover increased by 12% YoY on Argentex
Turnover for foreign exchange increased by 12 per cent during the year, climbing from £10.8 billion in 2019 up to £12.1 billion for the year ended on the 31st of March 2020.
95 per cent of Argentex’s FX portfolio during the year was made up of the (USD), British pound (GBP) and Euro (EUR) trades. Across the year, 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 had an underlying profit of £9.7 million.
“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.”
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