Argentex Revenue Slumped by 14.7% in H1 2021 Fiscal

Argentex Group PLC, a foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) services provider, has posted its trading numbers for the first half of the 2021 fiscal year, ending on September 30, showing a significant decline in its revenue.

In the six months, the Financial Conduct Authority-regulated company reported total revenue of £11.8 million, compared to £13.8 million in the same half the previous year. That was a year-on-year decline of 14.7 percent.

Argentex offers forex services to institutions, corporates, and high net worth individuals.

Its annual revenue for the entire 2020 fiscal was £28.9 million, 32.2 percent higher than the numbers posted in the previous year, Finance Magnates reported earlier.

Effect of Coronavirus

For the recent slump in demand, Argentex pointed towards the macro-economic impact due to the COVID-19 pandemic, which led to some clients deferring their trading activity. However, the company is optimistic that the deferral of trading activity is expected to result in stronger trading volumes in the second half of the financial year.

“As the long-term impact of the COVID pandemic on global markets continues to be laid bare, it has never been more important to stand by our clients and ensure their growing FX trading needs are met,” Argentex co-CEO, Harry Adams said. “Despite frustrations over the drop in trading activity throughout the period I’m proud of how our people have adapted and delivered for our clients.”

Furthermore, the Group detailed that it acquired 87 percent more clients in the last six months compared to the same period a year ago.

“The strong underlying performance of the business – notably the marked elevation of new client acquisition – is testament to our focused, long-term approach,” co-CEO Carl Jani added. “In the face of a surge of client interest, we have focused on the quality of revenue over trading volume, remaining true to our strict Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term processes.”