ARGENTEX GROUP PLC – Trading Update 1st April 2020

Argentex Group PLC, (“Argentex” or “the Group”), the provider of foreign exchange services to institutions, corporates and high net worth private individuals, today issues a trading update for the 12 months to 31 March 2020.

Highlights for Argentex LLP (the Group’s FCA regulated trading subsidiary), for the 12 months to 31 March 2020:

• Revenue increased by over 30% to c.£29m (2019: £21.9m)
• Strong client demand maintained during recent volatility
• Continuing rise in customer acquisition, adding 450 new corporate clients
• Robust business model and risk management systems supporting the Group’s COVID-19 response

Revenue and trading

Argentex is expecting to report a c.30% increase in revenues to c.£29 million for the 12 months to 31 March 2020 (2019: £21.9 million), with Foreign Exchange (“FX”) Turnover exceeding £12bn (2019: £10.8bn). The Group continues to experience very strong growth in customer numbers, adding 450 new corporate clients during the period, while corporate clients actively trading increased by 12%. Following the Group’s sustained excellent financial and operational progress, the Board is confident the Group will meet its full year profit expectations.

The Group’s robust business model, balance sheet strength and approach to risk mitigation have ensured continuity of service for Argentex’s diverse and sophisticated client base throughout the recent unprecedented market conditions resulting from the outbreak of COVID-19.

While client demand has grown throughout the period, the currencies traded has remained consistent with historic trends, and at the end of the period over 95% of the LLP’s FX portfolio is comprised of Dollar, Sterling or Euro trades. Argentex’s revenue composition has maintained historic stability between spot and forward, and furthermore there has been a positive uptake by the Group’s professional clients for FX Options products in their commercial hedging. The options book continues to grow organically, and has reached the scale where it is now making a material revenue contribution.


Since the outbreak of COVID-19 and consequential government enforced actions, the priority has been to protect the health and safety of employees and their families. In line with government guidelines, Argentex has successfully implemented its Business Continuity Plan, requiring all staff to work remotely.

Operationally, Argentex’s prudent and proactive approach to risk management and controls has resulted in no change to the trend of historically low levels of bad debt. Management continue to monitor client profiles, activity and macro-economic conditions as part of our rigorous processes, procedures and policies.

Harry Adams and Carl Jani, Co-CEOs commented:

“While it is too early to ascertain the full ramifications of COVID-19 on markets and corporates alike, the Group’s high quality, credit worthy client base, risk framework and disciplined liquidity management positions the Group well in pursuit of its long-term growth objectives. Our continued strong performance underlines the commitment to our growth strategy and proven business model, and we are confident in our ability to deliver our leading FX services and advice to our clients, while generating returns to investors.”

Timing of full year results

Following recent, market-wide regulatory communications from the FCA, PRA, FRC and London Stock Exchange regarding financial reporting, the announcement date of Argentex’s full year results for the 12 months ending 31 March 2020 will be confirmed in due course.


For further information please contact:

Argentex Group PLC

Carl Jani, Harry Adams – Co-CEOs
(Via FTI Consulting)

FTI Consulting (Financial PR)

Ed Berry, Antonia Powell
Telephone: 0203 727 1046

Numis Securities Limited (Nominated Adviser and Broker)
Stephen Westgate, Charlie Farquhar, Laura White, Hugo Rubinstein Telephone: +44 (0) 20 7260 1000