Argentex PLC revenues rebound as economic mood improves

Group PLC (), the foreign currency specialist, said revenues are near to pre-pandemic levels after bouncing back in the second half of the year to end March 2021.

Second half revenues rose to £16.4mln from £15.2mln and, for the full year, Argentex now expects to report £28.1mln against £28.9mln a year ago.

Harry Adams, chief executive, said: “Despite the unexpected and challenging market backdrop, we have continued to deliver our stated growth strategy, albeit at a slower pace in this financial year.

“We are seeing a resurgence in client trading to pre-pandemic levels following the deferral of client activity during the first half and we expect that trend to continue with the arrival of a more positive macro-economic environment.”

The AIM-listed group added 665 new corporate clients (2020: 479) during the year, Adams said, which was a new record, while foreign exchange transactions rose to £12.5bn (£12bn) reflecting a return in client confidence and trading activity deferred from 2020. 

Argentex also moved successfully to new Covid-19-secure offices during the period, added Adams, despite staff working remotely and the lockdown restrictions.