Argentex FY revenues grow

Foreign exchange provider Argentex posted improved full-year revenues on Wednesday, driven by strong client demand despite during recent volatility.

Argentex expects to report a roughly 30% increase in revenues to approximately £29m for the 12 months ended 31 March, with foreign exchange turnover exceeding £12bn.

The AIM-listed group said it continued to experience "very strong growth" in customer numbers, adding 450 new corporate clients during the year, while corporate clients actively trading increased by 12%.

Argentex also stated it was "confident" that it would meet its full-year profit expectations.

In terms of the outbreak, Argentex highlighted that its "prudent and proactive approach to risk management and controls" had resulted in no change to the trend of historically low levels of bad debt.

Chief executives Harry Adams and Carl Jani said: "While it is too early to ascertain the full ramifications of Covid-19 on markets and corporates alike, the group's high quality, creditworthy 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."

As of 1040 BST, Argentex shares had shot up 17.45% to 117.45p.