Argentex Group Reports 32% Uptick in Revenues for Fiscal 2020

Argentex Group PLC, a provider of 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, 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.

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 Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term’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.”