Argentex Group PLC (AIM:AGFX) has seen a recovery in client trading volumes following the onset of COVID-19.
The provider of bespoke foreign exchange services expects to report a 33% year-on-year increase in revenues for the six months to the end of September to GBP15.7mln from GBP11.8mln in the same period of 2020 and a 67% growth in foreign exchange (FX) turnover to GBP8.3bn (2021: GBP5bn).
Clients trading with Argentex increased by 27% to 1,241 from 981 a year earlier, with the group saying it continued to benefit from a highly diversified and quality client list.
“We are pleased with how Argentex has maintained its strong momentum into the new fiscal year, building on the positive trends reported towards the end of FY 2021,” said Harry Adams, the chief executive officer of Argentex.
“Our track record of prudent risk management continues to be a key differentiator, reflected in our focus on revenue quality and continued low levels of bad debt. This is a key factor contributing to the positive performance delivered over the last six months and the strength of our business model. Supported by increased sales capacity in new, larger headquarters and ongoing investment in our technology, we are well placed to capitalise on the significant opportunities ahead,” he added.
