Argentex Group reports steady performance amid market challenges

Argentex Group PLC, the global specialist in currency risk management and alternative banking, expects to report revenues of approximately £23.9 million for the period, slightly down from £25.0 million in the same period last year as the company pursues overseas expansion.

Argentex Group shares were 7% higher at the time of writing.

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Despite facing adverse market conditions in its core foreign exchange business during the first quarter, Argentex saw encouraging trading momentum in the second quarter. The Board remains confident in meeting full-year expectations, with the company continuing to trade in line with market projections.

The firm is making strides in its strategic focus areas, particularly in accelerating its Alternative Banking division and expanding its geographic footprint. Argentex has secured an Australian Financial Services Licence, a crucial step in its international growth strategy. The company is also progressing ahead of schedule in obtaining a regulatory licence in Dubai, signalling its commitment to global expansion.

“Following the completion of our strategic review at the start of the year we have made good progress as we begin to implement the key initiatives to transform the business into a leading provider of Alternative Banking solutions, which will complement our expertise in currency risk management, as outlined at the FY 2023 results,” said Jim Ormonde, CEO.

“We have invested in the people required to lead the transformation and develop the platforms needed to scale the business internationally and we now have a highly experienced leadership team in place to execute our growth agenda.

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“Notwithstanding the fact that the period has been one of change as we reposition the business for growth and scalability, I am pleased with trading during the first six months of the year, in particular the accelerating momentum through Q2, and I remain confident in the full year outlook for the business.”

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