12 December 2022
Argentex Group PLC
("Argentex" or the "Group")
Trading Update
Argentex Group PLC (AIM: AGFX), the international provider of foreign exchange services to institutions, corporates and high net worth private individuals, today announces continued improvement to its trading for the 9 months ending 31 December 2022.*
Following the Group's interim results announcement on 8 November 2022, the Board is pleased to announce that the strong momentum reported at that time has continued through the last quarter of the calendar year. The Group's growth strategy continues to deliver results with robust trading across all products and geographies. This includes our core FX offering benefiting from market tailwinds, sustained outperformance from our new Amsterdam office, continued optimisation of product mix including structured solutions and growth in client numbers in the online platform.
The Board's confidence in the business model will see Argentex continue to invest in line with the growth strategy and despite the planned increase in costs to reflect this investment in growth, the Board now expects that revenue and earnings for the period ending 31 December 2022 will be ahead of current market expectations.
A more detailed trading update will be provided in January 2023.
*The Group has changed its year end from 31 March to 31 December, and for this year will report audited accounts for the nine month period ending 31 December 2022.
Harry Adams, Chief Executive Officer, said:
"The momentum behind Argentex is the result of our unrelenting focus on investment into our technology platform, international presence and our people, in order to capitalise on significant near and long-term market opportunities. I am pleased that our vision for the future of our business and the strategy we have outlined, centring around these three pillars, is already demonstrating its strength and potential for future growth."
For further information please contact:
Argentex Group PLC
Harry Adams - CEO
Jo Stent - CFO
investorrelations@argentex.com
FTI Consulting LLP (Financial PR)
Ed Berry / Ambrose Fullalove / Jenny Boyd
07703 330 199
Singer Capital Markets (Nominated Adviser and Broker)
Tom Salvesen / James Maxwell / Justin McKeegan
020 7496 3000
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