Half year trading update
09/07/2024 07:00
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RNS Number : 5804V Argentex Group PLC 09 July 2024
COMPANY REGISTRATION NUMBER 11965856
9 July 2024
Argentex Group PLC
("Argentex" or the "Group")
Half year trading update
Trading in line with expectations
Positive momentum against strategic objectives with key hires to accelerate
move into Alternative Banking
Argentex Group PLC (AIM: AGFX), the global specialist in currency risk
management and alternative banking, today announces a trading update for the
six months ended 30 June 2024.
Highlights
· Trading is in line with market expectations
· Interim CFO has accepted a permanent role
· Good progress in building Alternative Banking ("ATB") team with
experienced key hires
Trading update
The Board expects to report H1 2024 revenues of approximately £23.9m(*) (H1
2023: £25.0m*). The Group continues to trade in line with expectations and
the Board remains confident in its full year expectations.
Although adverse market conditions experienced during 2023 in the core FX
business continued into the first quarter of 2024, trading momentum in the
second quarter has been encouraging. The Group continues to make good progress
across the areas of strategic focus, particularly in regards to the
acceleration in Alternative Banking and the geographic expansion overseas.
Strong momentum in overseas expansion
The Board is delighted to have been granted an Australian Financial Services
Licence (AFSL), a pivotal step in the business's strategic plan. The licence,
granted by the Australian Securities and Investments Commission (ASIC), allows
Argentex's Australian entity (Argentex Pty Ltd) to offer bespoke currency risk
management solutions and global accounts to wholesale clients across
Australia.
In addition, the approval process for the grant of a Dubai regulatory licence
is progressing ahead of schedule and The Board expects to update the market in
due course.
Board, Executive and Alternative Banking appointments
The Board is pleased to announce that Guy Rudolph has been appointed as CFO on
a permanent basis with effect from 9 July 2024 and has joined the Company's
Board of Directors. Guy has served in the role of Interim CFO since January
2024.
The Group is committed to accelerating its transformation into a firm with
full-service cross border financial services expertise and is focused on
building out the team with experienced key hires to develop its ATB product
suite. Several additional key hires were made during the period, including the
appointments of Tim Rudman and Daniel Ross, as Chief Operating Officer and
Chief Commercial Officer respectively.
Tim has significant experience in the FX and payments industries, including at
WorldFirst where he implemented World Account, a proprietary alternative
banking platform which now services around 200,000 actively trading global
e-commerce and corporate merchants, processing millions of payments per year.
At Argentex he will lead the development of a world-class, scalable ATB
platform to support the Group's growth into a market leading position in
Alternative Banking and Payments.
Having joined as Managing Director responsible for Argentex's go-to-market
strategy in 2023, Daniel has been promoted to the Executive leadership team as
Chief Commercial Officer. Daniel will continue to manage all commercial
operations, as well as assuming responsibility for Argentex's regional MDs in
the Netherlands, Australia and Dubai.
Jim Ormonde, CEO, said:
"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.
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.
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."
Nigel Railton, Chairman, said:
"We now have a clear strategy and plan, which is being executed by an
experienced management team who are fully committed to building significant
shareholder value, and which is unanimously backed by the Board.
Finally, I am delighted that Guy is joining the Board of the Group as Chief
Financial Officer on a permanent basis. He brings a rigorous approach to
accounting standards and our management reporting along with a sharp focus on
costs."
Additional Information in respect of the AIM Rules
The following information regarding the appointment of Guy Richard Giles
Rudolph (aged 56) is disclosed pursuant to schedule Two paragraph (g) of the
AIM Rules for Companies ("AIM Rules"):
Current Directorships/Partnerships Past Directorships/Partnerships
· 6 Cathnor Road Management Company Limited · Guy Rudolph Consulting Limited
· Argentex Capital Limited
· Argentex Foreign Exchange Limited
· Argentex Technologies Limited
As at the date of this announcement Guy Rudolph holds no interest in the
Company.
Save as set out above, there is no further information to be disclosed in
respect of Guy Rudolph under schedule 2(g) of the AIM Rules for Companies.
*Unaudited results for the 6 months to 30 June 2024 and 30 June 2023
For further information, please contact:
Argentex Group PLC
Jim Ormonde - Chief Executive Officer
Guy Rudolph - Chief Financial Officer
investorrelations@argentex.com (mailto:investorrelations@argentex.com)
Teneo (Financial PR)
James Macey-White / Victoria Boxall / Rashida Salemahomed
argentex@teneo.com (mailto:argentex@teneo.com) , 020 7260 2700
Singer Capital Markets (Nominated Adviser and Broker)
Tom Salvesen / James Maxwell / Asha Chotai
020 7496 3000
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