Argentex Group PLC on Wednesday set a more positive outlook for the second half of the year, despite swinging to a loss in the first.

Argentex Group is an international provider of foreign exchange services for institutions, corporates and high-net-worth private individuals.

For the six months ended June 30, the firm swung to a pretax loss of £1.7 million from profit of £4.8 million a year prior.

Earnings before interest, tax, depreciation and amortisation fell to £700,000 from £7.2 million. Basic losses per share came to 1.6 pence, from earnings per share of 2.8p the year before.

Revenue also declined, falling 4.4% to £23.9 million from £25.0 million.

According to Argentex, 19% growth in the number of clients trading was offset by a 20% reduction in average spend due to lower FX volatility.

Looking ahead, the firm said that it continues to trade in line with market expectations, and the board remains confident in its full-year outlook.

Annual revenue is expected to be in the ‘mid-£40 millions’, with Ebitda margin in the low-single digits.

‘Our focus during the first half has centred on resetting the company’s strategic agenda and, in particular, accelerating our move into alternative banking and overseas expansion,’ sad Chief Executive Officer Jim Ormonde.

‘Trading remains in line with expectations, and we have continued to see improved trading momentum throughout the second quarter. With a strong team now in place to drive our growth agenda, I am excited about the opportunities ahead for the business and remain confident in the trading outlook for the full year and beyond.’

Shares in Argentex Group were trading 6.0% lower at 30.00 pence each in London on Wednesday afternoon.

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