ARGENTEX GROUP PLC2020 Annual Report

Year ended 31 March 2020

Revenue has increased 32% from FY 2019
Underlying operating profit
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Company owerview

People are the Group’s most important asset and fundamental to the long-term success of the business.

Lord Digby Jones Kb.

Non-Executive Chairman

Year overview

Welcome to our 2020 Report


Argentex Group PLC, issues its first Annual Report for the 12 months ended 31 March 2020. The period has seen continued robust financial and operational performance which maintains its unbroken track record of delivering profitable growth since the inception of the business in 2012.

The IPO has had tangible benefits to the Group, with the increased capital base delivering greater confidence from institutional counterparties to offer significantly more competitive terms. This translates into a direct benefit to clients, as well as increasing the credibility of the Group within its target market, one major benefit of which is demonstrated by the compression of the average sales cycle from initial contact to first trade.

Lord Digby Jones
Chairmans statement
Proven expertise, delivering on expectations.


Download Chairman’s Statement

First and foremost I must start by saying how much of an honour it is to be Chairman of a business that has grown and evolved in the way Argentex has since its inception in 2012.

It’s rare to get an opportunity to chair a company at the start of its journey as a listed business, but I have also had the privilege of knowing the three co-founders, Carl Jani, Harry Adams and Andrew Egan, and followed them and the business closely, since they started out over eight years ago.

A year on from the Group’s successful debut on AIM, it’s only natural to reflect on how far the business has come. It is testament to Carl, Harry and Andrew’s long-term vision, ability to attract leading talent, intricate understanding of the foreign exchange market and approach to clients that have enabled them to build the leading FX platform that Argentex is today. Their work ethic and sense of fun has also permeated the culture and makes the business unique.

Competing in a highly regulated sector previously dominated by banks, Argentex’s robust business model and balance sheet strength is built around a programme of investment in technology, compliance and risk management. This has attracted a high quality, diversified and loyal customer base and best in class counterparties which have supported strong year on year organic growth since inception.

I’m pleased to say the last twelve months are no exception and despite the extreme macro-economic, geo-political and financial market conditions and the rapid escalation of COVID-19 towards the end of the fiscal year, the excellent ongoing financial performance further evidences delivery on the Group’s steady growth strategy that it promised its shareholders ahead of the IPO.

But at Argentex, the vision is always long-term and the Group’s cash generative profile and clear strategy supports the positive long-term outlook as the Group continues its trajectory, delivering the trusted advice and services for its clients, positive returns for its shareholders and being an employer of choice in the FX market.

Lord Digby Jones Kb.
Non-Executive Chairman

Co-CEO Statement


The last financial year marks a significant milestone in Argentex’s history. When joining the London Stock Exchange’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.

The increased capital strength, more competitive counterparty terms and enhanced brand recognition that the IPO has afforded us, has positioned the business on firm foundations for our first year of trading and we’re delighted with the financial and operational momentum we have achieved against an unforgettable 12 months, from a financial markets perspective.

Download Co-CEO Statement
Our business

Impact achieved with experience and expertise.


Argentex delivers tailored foreign exchange advisory and execution services to a global client base of financial institutions, corporates and private clients.

The centrepiece of our exceptional service is our team of experienced market professionals, from account management, analysis and trading, through to settlements and compliance. Whether our clients’ objectives are short or long-term, our experienced execution combined with expert analysis achieves material impact on both pricing and efficiency for our clients.


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Recognising that clients have wide ranging levels of experience, resource and exposure, we have developed a suite of supplementary facilities to cater for a broad spectrum of client profiles. Online capabilities and an analytical consultancy are part of our custom-made offering that can be utilised separately or in conjunction with our traditional voice broking services, all of which combine with our commitment to consistently deliver excellence with every exchange.

The founder-led, publicly listed business is headquartered in the heart of London. Argentex is a profitable, debt-free, cash-rich business and operates as a Riskless Principal broker for non-speculative and commercial currency transactions. On the 25th June 2019 the Company listed on the London Stock Exchange AIM, which raised net proceeds of £12 million.

The pedigree of asset managers, pension funds, investment banks and family offices that have since invested in Argentex is testament to the value of our offering and the strength of our robust governance. The driving force behind our approach is that the less time our clients spend dealing with foreign exchange, the more time they have available to spend on other aspects of their business. Every client is assigned a dedicated point of contact who is a professional financial trader, not a salesperson or relationship manager.

Our traders all have a minimum of ten years’ experience and have actively traded the market through every extreme in recent history, ultra-low liquidity environments, including flash crashes, sociopolitical shocks, pegging and de-pegging without warning and most recently, global pandemics.

Our history

Evolution of Argentex.


Founded in 2012 by Harry Adams, Carl Jani and Andrew Egan with the backing of Sir John Beckwith’s Pacific Investments Ltd.

In June 2015, the company had its first month revenue in excess of £1m.

FCA approves MIFID II Investment Firm authorisation in January 2018.

In March 2020 the Group had its first online trade.

2019 achievement



On the 25th June 2019 the Company listed on the London Stock Exchange AIM, which raised net proceeds of £12 million.


Foundations on which to grow.


The Argentex Collective is made up of five guiding principles: Integrity, Quality, Passion, Agility and Dedication. This is not only our code of conduct for how we run our business but also what we expect from our workforce.

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Unique talents, backgrounds and perspectives.

We encourage our workforce to be entrepreneurial and creative as well as fostering a transparent culture with excellent lines of communication. The Argentex environment allows talent to flourish and be well rewarded.

We host multiple graduate programmes recruiting the best talent. The programme consists of intense training, skills development and support to ensure the best outcome and longevity of our personnel.

We offer a competitive base salary, uncapped commission, bonuses and incentives dependant on performance.

We have a robust code of conduct which our employees are expected adhere to without exception.

STRATEGic report

Experience and global influence.


Argentex operates as a Riskless Principal foreign exchange broker for non-speculative spot and forward foreign exchange. For Professional and Eligible Counterparty clients we offer FX options and certain FX forwards including non-deliverable forwards.

Argentex does not speculate and so revenue is purely derived from the difference between the rate it buys and sells currency at, and is therefore purely transaction-led. This means that continued, long-term sustainable growth is dependent on long-term mutually beneficial relationships which is why ‘Treating Your Customer Fairly’ is not just an FCA principle for us but a core precept of how we deal with every client.

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2020 overview

Growth and profitability.


Whilst the impacts of COVID-19 and central banks’ response to the crisis are prominent on people’s minds, evolving geo-political events will also play a role in shaping and influencing global markets.

Despite 12 months of unpredictable events, Argentex has achieved significant results. FX turnover, revenue, the number of traded corporates, the total number of trades and average FX turnover per traded corporates have all been on an upward trajectory. We have adhered to what we set out to achieve surpassing our goals and objectives from when we listed last year.

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2021 Outlook

A bespoke service-led FX solutions provider.


The board is pleased with the Company’s strong performance. Argentex has adhered to their strategy and surpassed initial expectations for the financial year. There is every confidence that the Group’s long-term prospects are on track.

The Group remains resilient, with the continued diversification of its client base, a robust business model and an uncompromising approach to compliance, we are confident of a successful forthcoming 12 months.

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Full report

Download our full 2020 Annual Report.


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