REG - Argentex Group PLC - Interim results for the six months to 30 June 2024
18/09/2024 07:00
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RNS Number : 5951E Argentex Group PLC 18 September 2024
COMPANY REGISTRATION NUMBER 11965856
18 September 2024
Argentex Group PLC
("Argentex" or the "Group")
First half results for the six months to 30 June 2024
Significant progress against strategic objectives
Trading in line with expectations, full year guidance re-iterated
Jim Ormonde, Chief Executive Officer said: "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. We have
added significant leadership expertise across the business including permanent
appointments to our executive team and new experienced leadership within
banking, operations and technology. Internationally, our Dubai and Australia
operations are expected to begin trading ahead of schedule. We have also
implemented rigorous cost controls across the business and have not increased
overall headcount since the end of last year despite our investment in new
growth areas. 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."
Strategic progress
- Experienced permanent executive team now in place to deliver growth
plans
- Key hires within alternative banking division to develop a digital
product suite. Technology team now fully integrated with a clear roadmap for
the new Argentex Global Platform and the build is underway
- Rigorous cost control and accounting systems implemented across the
Group
- Strong momentum overseas with the grant of an Australian Financial
Services Licence (AFSL) and the approval progress for the grant of a Dubai
regulatory licence progressing ahead of schedule
Financial summary
- Revenue of £23.9m (H1 2023: £25.0m) with 19% growth in the
number of clients trading offset by 20% reduction in average spend due to
lower FX volatility
- Trading has improved through the period to 30 June, and into Q3
with revenues to end August broadly in line with prior year
- Gross margins(1) stable at 72%
- Underlying EBITDA(2) of £2.1m (H1 2023: £6.2m) impacted by lower
revenue, higher headcount year on year (YoY) and ongoing investment in growth
- Reported EBITDA of £0.7m (H1 2023: £7.2m) impacted by
significant one-off items(2) in both periods
- Debt free and cash generative with net cash increasing by £5.2m
in H1 2024 to £23.5m (including the £3m raised in May to fund our
acceleration in alternative banking
- Capex significantly reduced to £0.5m (H1 2023: £3.6m)
Key headlines
£m H1 2024 H1 2023 Change YoY
Revenues 23.9 25.0 (4%)
Gross profit(1) 17.2 18.0 (4%)
Gross margin(1) 72% 72%
Underlying EBITDA(2) 2.1 6.2
Reported EBITDA 0.7 7.2
Reported EBITDA margin 3% 29%
Profit before tax (1.7) 4.8
Basic EPS (p) (1.6) 2.8
Dividend per share (p) nil 0.75
Total clients traded 1,771 1,493 19%
Newly traded clients 327 305 7%
Net cash (£m) 23.5 19.2
Average headcount 196 153 28%
(1) Gross profit/margin also includes the costs of commissions to provide a
more transparent measure. These costs are excluded from statutory gross margin
per the income statement
(2) Underlying EBITDA represents reported EBITDA adjusted for one off items.
Reported EBITDA in H1 2024 was impacted by £1.4m one off charges for
strategic review, legal fees and senior management team restructuring.
Reported EBITDA in H1 2023 benefitted from £1.0m one off credits and
provision releases.
Trading update and outlook
The Group continues to trade in line with market expectations and the Board
remains confident in the outlook for the full year.
The improvement in trading which we saw during Q2 has continued and revenues
for the eight months to 31 August were broadly flat year on year, compared to
the 4% decline experienced in the first half.
We continue to expect FY24 revenues to be in the mid £40 millions, with an
EBITDA margin in the low single digits as we invest in growth and the
repositioning of the business, and we remain confident in our long-term
prospects.
Retail investor presentation
Management will host a presentation for investors via the Investor Meet
Company platform at 11.00am on Thursday 19 September 2024. The presentation
will be open to all existing and potential shareholders. Questions can be
submitted pre-event via the Investor Meet Company dashboard up until 8.00am on
the day before the meeting or at any time during the live presentation.
Investors who already follow Argentex Group PLC on the Investor Meet Company
platform will automatically be invited. Those wishing to sign up for free, and
meet Argentex Group PLC, can do so via
https://www.investormeetcompany.com/argentex-group-plc/register-investor
(https://www.investormeetcompany.com/argentex-group-plc/register-investor)
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 / James Todd
020 7496 3000
This announcement contains inside information for the purposes of the UK
version of the Market Abuse Regulation ("MAR") which forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018; as amended. Upon
publication of this announcement, the inside information is now considered to
be in the public domain for the purposes of MAR.
About Argentex
Argentex (AIM: AGFX) is a global expert in currency risk management and
alternative banking. Established in 2012 and headquartered in London, Argentex
listed on London's AIM market in mid-2019 and has since added operations in
Amsterdam, Dubai and Australia.
Business review
Strong progress on implementing our strategic plan
Our strategic plan, as outlined in May, is focused on driving profitable
growth by increasing scale within Argentex's existing FX market whilst
expanding into adjacent complementary markets, both domestically and
internationally.
After a thorough review of our systems and processes, we are migrating the
business to one technology platform: the Argentex Global Platform ("AGP"),
utilising the existing technology teams supplemented by a number of new hires.
This move will drive efficiencies on a global scale by building a platform on
which multiple new products and services can be run, and addresses all three
of our core strategic pillars, namely:
· Product diversification to enhance and complement the Group's
existing offer, specifically through accelerating the Company's move into
alternative banking
· Focused geographical expansion, leveraging existing markets and
licences with targeted expansion into complementary markets
· Ensuring operational excellence by driving operational and financial
efficiencies whilst delivering a best‐in‐class customer experience
Progress in all three areas has been strong in the period:
1) Product diversification
- Whilst we have a successful history in providing large corporates and
institutions with high quality FX services and a strong brand and reputation,
the product suite is quite narrow. Diversification into the broader payments
and alternative banking markets should enable us to meet high value clients'
needs for a full-service platform, increasing the overall addressable market
and wallet share and improving customer retention. We believe revenue
visibility will improve as reliance on the volatile FX market is reduced.
- Several additional key hires were made during the period, including
the appointment of Tim Rudman as Chief Operating Officer who will oversee the
technology transformation. His team have developed a detailed product and
technology roadmap with a key focus on automation, efficiency, and improving
the customer experience via a self-serve model.
2) Geographic expansion
- The Board is delighted to have been granted an Australian Financial
Services Licence (AFSL), a pivotal step in the business' strategic plan. The
licence, granted by the Australian Securities and Investments Commission
(ASIC), allows Argentex's Australian entity (Argentex Pty Ltd) to offer
bespoke 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 our schedule. Our offices are now operational
and connected and we are making strong progress in meeting all of the
preconditions required by the regulator.
3) Operational and financial efficiencies including enhanced client
retention
- Flat headcount despite investing in growth. Headcount grew over 40% to
196 in FY23 with a significant number of hires in H2 2023 impacting H1 2024
results. Since then, however, we have focussed on essential recruitment only,
investing in the growth areas of alternative banking and overseas expansion,
whilst maintaining a flat headcount overall (headcount was 195 at end of June
2024).
- Pursuing licensing efficiencies. Currently all of our transactions are
assessed under our MiFID II (Markets in Financial Instruments Directive II)
licence despite some transactions only requiring an EMI (Electronic Money
Institution) licence. There are some potential liquidity benefits from
altering our licence arrangements, and we have engaged advisors to support us
in reviewing our overall licensing structure.
- Getting the best from our suppliers. We are running a formal RFP with
our liquidity providers to ensure we receive market leading service levels and
pricing.
- Pursing liquidity efficiencies. During the period we negotiated a
lower amount of collateral with one of our key banking partners which released
£750k of cash with a roadmap to additional liquidity in the future.
- Implementing customer segmentation. We accelerated the adoption of
Salesforce in the UK and the Netherlands in the period and introduced KPI
dashboards to support our sales pipeline management.
These growth initiatives will accelerate our return to profitability as we
focus on new products and new branches to drive more reliable revenues.
Financial review
PROFIT AND LOSS
£m H1 2024 H1 2023 Change YoY
Revenues 23.9 25.0 (4%)
Gross profit(1) 17.2 18.0 (4%)
Gross margin(1) 72% 72%
Underlying EBITDA(2) 2.1 6.2
Reported EBITDA 0.7 7.2
Reported EBITDA margin 3% 29%
Profit before tax (1.7) 4.8
Basic EPS (p) (1.6) 2.8
Dividend per share (p) nil 0.75
Total clients traded 1,771 1,493 19%
Newly traded clients 327 305 7%
Net cash (£m) 23.5 19.2
Average headcount 196 153 28%
(1) Gross profit/margin also includes the costs of commissions to provide a
more transparent measure. These costs are excluded from statutory gross margin
per the income statement.
(2) Underlying EBITDA represents reported EBITDA adjusted for one off items.
Reported EBITDA in H1 2024 was impacted by £1.4m one off charges for
strategic review, legal fees and senior management team restructuring.
Reported EBITDA in H1 2023 benefitted from £1.0m one off credits and
provision releases.
Revenues
Revenues declined 4% to £23.9m (H1 2023: £25.0m) which reflected the
previously reported shift from forward to spot trades due to lower overall
volatility in the markets. As a result, whilst active clients trading grew 19%
to 1,771, this was offset by a 20% YoY reduction in average client spend.
Forward contracts are typically executed at higher margins, so this mix effect
tends to reduce average client spend.
H1 2024 H1 2023 Change YoY
Revenues (£m) 23.9 25.0 (4%)
Clients traded 1,771 1,493 19%
Volumes traded (£bn) 5.0 4.7 6%
% Spot 60% 52% +8 ppt
% Forward 34% 42% (8 ppt)
% Option 6% 6% flat
Gross profit(1) declined to £17.2m in H1 2024 (£18.0m H1 2023) primarily due
to lower revenues. Gross margin(1) remained stable at 72%.
EBITDA
Underlying EBITDA (prior to one-off items) declined to £2.1m (H1 2023:
£6.2m) primarily due to lower revenues and higher in year staff costs.
Average headcount was 196 in H1 2024: flat since 1 January 2024 but
significantly ahead of H1 2023 (153) due to the investments in staff made
during 2023. We expect headcount to increase in H2 2024 as we invest in
alternative banking and AGP.
We also invested in our overseas subsidiaries in the period, following the
recent grant of a licence to operate in Australia. Investment in overseas
territories accelerated from £0.4m in H1 2023 to £1.3m in H1 2024, as part
of our growth strategy.
Reconciliation of underlying EBITDA to reported EBITDA
£m H1 2024 H1 2023
Underlying EBITDA 2.1 6.2
One-offs (1.4) 1.0
Reported EBITDA 0.7 7.2
H1 2024 reported EBITDA was impacted by one off charges of £1.4m (strategy
review, legal fees and senior management team restructuring) which we do not
expect to reoccur. In contrast, H1 2023 benefitted from £1.0m of provision
releases, a net negative one-off impact year on year of £2.4m.
EPS
Basic and diluted EPS declined to a loss per share of 1.6p in H1 2024 (H1
2023: 2.8p profit per share) due primarily to lower EBITDA in the period, with
the loss per share partially offset by an increased number of shares in issue
in the period following the May 2024 capital raise. The calculation of basic
and diluted earnings per share is detailed in note 4 in the financial
statements and is based on 115.2m basic weighted average shares in H1 2024 (H1
2023: 113.2m).
Dividends
During the year ended 31 December 2023, the Board declared an interim dividend
of 0.75p per share. In light of the Company's financial performance and
trading conditions during the second half of the year, the Board declared no
further dividends for FY23.
As we focus on transforming the business and investing for growth, the Board
has decided not to declare an interim dividend in FY24. Whilst the Board
remains committed to returning excess cash to shareholders and will continue
to regularly review the dividend policy, as we continue to deliver our growth
agenda it is unlikely that any dividends will be declared in FY24.
CASH FLOW
£m H1 2024 H1 2023
EBITDA 0.7 7.2
Lease payments (0.7) (1.0)
Capex (0.5) (3.6)
Working capital 3.7 1.5
Operating cash flow 3.2 4.1
Tax paid (1.0) (1.1)
FCF 2.2 3.0
Net proceeds from equity raise 3.0 -
Net cash flow 5.2 3.0
Net cash at beginning of period 18.3 16.2
Net cash at end of period 23.5 19.2
The Group continues to be cash generative despite investing significantly for
the future. Operating cash flow in H1 2024 was £3.2m (H1 2023 £4.1m). Capex
was significantly lower at £0.5m (H1 2023 £3.6m) as the prior year was
impacted by significant investment in new offices - in particular the lease
and fit out of a second floor in our London headquarters.
Free cash flow in the period was £2.2m (H1 2023 £3.0m) with the benefit of
lower capex and better working capital utilisation partially offsetting lower
EBITDA. Tax paid was broadly flat at £1.0m.
NET CASH & LIQUIDITY
£m 30-Jun-24 31-Dec-23
Cash and cash equivalents 48.2 33.0
Less: segregated client funds (24.7) (14.7)
Net cash 23.5 18.3
Collateral held at Institutional counterparties 2.6 5.7
Net cash improved by £5.2m in the period to £23.5m at 30 June 2024 (£18.3m
at 31 December 2023) due to free cash flow of £2.2m and the £3.0m net
proceeds from the capital raised in May 2024 to fund our acceleration in
alternative banking. Both gross cash and segregated funds grew by
substantially more, due to the timing of trade settlements.
Litigation update
On 14 March 2024, the Company received an Employment Tribunal claim from a
former director. The Company is contesting this claim and continues to defend
its position. We have accrued for anticipated legal fees in the period.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE (LOSS)/INCOME
for the six months ended 30 June 2024
6 months to 6 months to
30 June 2024 30 June 2023
£m £m
Revenue 23.9 25.0
Cost of sales (0.6) (0.9)
Gross profit 23.3 24.1
Other operating income 0.7 0.6
Administrative expenditure (25.2) (19.3)
Share-based payments charge (0.1) (0.2)
Operating (loss)/profit (1.3) 5.2
Finance costs (0.4) (0.4)
(Loss)/profit before taxation (1.7) 4.8
Taxation - (1.6)
(Loss)/profit for the period and total comprehensive (loss)/income
(1.7) 3.2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2024
Notes 30 June 31 December
2024 2023
£m £m
Non-current assets
Intangible assets 6 2.2 2.7
Property, plant and equipment 7 14.1 15.1
Derivative financial assets 11 7.1 9.8
Deferred tax asset 0.1 0.2
Total non-current assets 23.5 27.8
Current assets
Trade and other receivables 8 2.4 1.3
Cash and cash equivalents 9 48.2 33.0
Other assets 10 7.9 10.5
Derivative financial assets 11 32.2 38.9
Total current assets 90.7 83.7
Current liabilities
Trade and other payables 12 (37.0) (29.3)
Lease liabilities (1.2) (0.9)
Derivative financial liabilities 13 (19.8) (23.6)
Total current liabilities (58.0) (53.8)
Non-current liabilities
Trade and other payables 12 (0.3) (0.3)
Lease liabilities (10.0) (10.6)
Derivative financial liabilities 13 (3.5) (5.8)
Total non-current liabilities (13.8) (16.7)
Net assets 42.4 41.0
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
as at 30 June 2024
30 June 31 December
2024 2023
£m £m
Equity
Share capital 14 0.1 0.1
Share premium 15.7 12.7
Share option reserve 1.1 1.0
Merger reserve 4.5 4.5
Retained earnings 21.0 22.7
Total equity 42.4 41.0
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 30 June 2024
Share capital Share premium Share option reserve Merger reserve Retained earnings Total equity
£m £m £m £m £m £m
Balance at 1 January 2023 (audited) 0.1 12.7 0.5 4.5 21.0 38.8
Comprehensive income for the period - - - - 3.2 3.2
Share-based payments charge - - 0.2 - - 0.2
Balance at 30 June 2023 (unaudited) 0.1 12.7 0.7 4.5 24.2 42.2
Balance at 1 January 2024 (audited) 0.1 12.7 1.0 4.5 22.7 41.0
Comprehensive (loss) for the period - - - - (1.7) (1.7)
Share-based payments charge - - 0.1 - - 0.1
Issue of shares - 3.0 - - - 3.0
Balance at 30 June 2024 (unaudited) 0.1 15.7 1.1 4.5 21.0 42.4
CONSOLIDATED STATEMENT OF CASH FLOWS
6 months to 6 months to
30 June 2024 30 June 2023
£m £m
(Loss)/profit before taxation (1.7) 4.8
Taxation paid (1.0) (1.1)
Net finance expense 0.4 0.4
Depreciation of property, plant and equipment 0.5 0.6
Depreciation of right of use assets 0.6 0.6
Amortisation of intangible assets 0.9 0.8
Share-based payments charge 0.1 0.2
(Increase) in receivables (0.6) (0.6)
Increase/(decrease) in payables 8.3 (3.0)
Decrease in derivative financial assets 9.4 8.5
(Decrease) in derivative financial liabilities (6.1) (8.5)
Decrease in other assets 2.6 5.5
Net cash generated from operating activities 13.4 8.2
Investing activities
Purchase of intangible assets (0.4) (0.8)
Purchase of plant and equipment (0.1) (2.8)
Net cash used in investing activities (0.5) (3.6)
Financing activities
Payments made in relation to lease liabilities (0.7) (1.0)
Proceeds from equity raise 3.0 -
Net cash generated from/ (used in) financing activities 2.3 (1.0)
Net increase in cash and cash equivalents 15.2 3.6
Cash and cash equivalents at the beginning of the period 33.0 29.0
Cash and cash equivalents at end of the period 48.2 32.6
1 General information
Argentex Group PLC ("the Company") is a public limited company, limited by
shares, incorporated and domiciled in England and Wales. The address of the
registered office of the Company is 25 Argyll Street, London, W1F 7TU. The
Company's shares are listed on AIM, the London Stock Exchange's market for
small and medium size growth companies. The Company is the ultimate parent
company of the Group into which the results of its subsidiaries are
consolidated.
2 Basis of preparation
The consolidated financial information contained within this interim report is
unaudited and does not constitute statutory accounts within the meaning of
Section 434 of the Companies Act 2006.
While the financial figures included in this interim report have been prepared
in accordance with IFRS applicable to interim periods, this interim report
does not contain sufficient information to constitute an interim financial
report as defined in IAS 34. Financial information for the year ended 31
December 2023 has been extracted from the audited financial statements for
that year.
The financial information has been prepared using the measurement bases
specified by IFRS for each type of asset, liability or expense. The accounting
policies applied in preparation of this interim report are consistent with the
basis that was adopted for the preparation of the audited accounts for the
year ended 31 December 2023 and will be adopted for the Group's next audited
accounts for the year ended 31 December 2024.
Statutory accounts for the year ended 31 December 2023 have been reported on
by the Company's Independent Auditor and have been delivered to the Registrar
of Companies. The Independent Auditor's Report on the Annual Report and
Financial Statements for December 2023 was unqualified and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
The interim report is prepared on a going concern basis as the directors have
satisfied themselves that, at the time of approving the interim report, the
Group has adequate resources to continue in operational existence for at least
the next twelve months from the date of this report.
3 Accounting policies
The accounting policies adopted in this interim report are identical to the
those adopted in the Group's most recent annual financial statements for the
year ended 31 December 2023, which are available from the Registrar of
Companies and www.argentex.com/investor-relations
(http://www.argentex.com/investor-relations) .
4 Earnings per share
The Group calculates basic earnings to be net profit attributable to equity
shareholders for the period. The calculation of diluted earnings per share
assumes conversion of all potentially dilutive ordinary shares, all of which
arise from share options.
Six months ended Six months ended
30 June 2024 30 June 2023
Basic earnings per share (1.6)p 2.8p
Diluted earnings per share (1.6)p 2.8p
The Group has potentially dilutive ordinary shares being share options granted
to employees of the Group. As the Group has incurred a loss in the period, the
diluted loss per share is the same as the basic earnings per share as the loss
has an anti-dilutive effect (an increased number of shares gives rise to a
reduced loss per share).
The calculation of basic and diluted earnings per share is based on the
following number of shares:
Six months ended Six months ended
30 June 2024 30 June 2023
m m
Basic weighted average shares 115.2 113.2
Contingently issuable shares 0.1 0.1
Diluted weighted average shares 115.3 113.3
5 Dividends
6 months ended 6 months ended 6 months ended 6 months ended
30 June 2024 30 June 2023 30 June 2024 30 June 2023
Pence per share Pence per share £m £m
Dividends declared in the period
Final dividend recommended by Directors at previous period end - 2.25 - 2.5
- 2.25 - 2.5
Dividends proposed in the period
Interim dividend for year ended 31 December 2024 of nil per share (June 2023: - 0.75 - 0.9
0.75p per share)
- 0.75 - 0.9
6 Intangible assets
Software Development Costs
Cost £m
At 1 January 2024 10.6
Additions 0.4
Disposals -
At 30 June 2024 11.0
Depreciation
At 1 January 2024 7.9
Charge for the period 0.9
Disposals -
At 30 June 2024 8.8
Net book value
At 31 December 2023 2.7
At 30 June 2024 2.2
7 Property, plant and equipment
Leasehold improvements Right of use asset Office equipment Computer equipment Total
Cost £m £m £m £m £m
At 1 January 2024 3.8 13.9 1.8 1.1 20.6
Additions - 0.1 - - 0.1
Disposals - - - - -
At 30 June 2024 3.8 14.0 1.8 1.1 20.7
Depreciation
At 1 January 2024 0.8 3.3 0.6 0.8 5.5
Charge for the period 0.2 0.6 0.2 0.1 1.1
Disposals - - - - -
At 30 June 2024 1.0 3.9 0.8 0.9 6.6
Net book value
At 31 December 2023 3.0 10.6 1.2 0.3 15.1
At 30 June 2024 2.8 10.1 1.0 0.2 14.1
8 Trade and other receivables
30 June 31 December 2023
2024
£m £m
Current
Other receivables 1.3 0.6
Accrued income 0.1 -
Prepayments 1.0 0.7
Trade and other receivables 2.4 1.3
9 Cash and cash equivalents
30 June 31 December
2024 2023
£m £m
Cash and cash equivalents
Cash and cash equivalents 48.2 33.0
Cash and cash equivalents 48.2 33.0
Included within cash and cash equivalents are client held funds relating to
margins received and client balances payable. These amounts are disclosed as
amounts payable to clients of £24.7m (December 2023: £14.7m) in note 12 and
are not available for the Group's own use. Client balances held as electronic
money in accordance with the Electronic Money Regulations 2011 are held in
accounts segregated from the firm's own bank balance.
Client balances that fall under the scope of the FCA's Client Assets
Sourcebook ("CASS") are held in segregated client bank accounts which are
off-balance sheet and excluded from the cash and cash equivalents figure.
The Directors consider that the carrying amount of these assets is a
reasonable approximation of their fair value. Cash is held at authorised
credit institutions and non-bank financial institutions with robust credit
ratings (where published) and sound regulatory capital resources.
10 Other assets
30 June 31 December 2023
2024
£m £m
Collateral with banking counterparties 2.6 5.7
Balances segregated for CASS Mark to market (MTM) 5.3 4.8
Other assets 7.9 10.5
Other assets are made up of collateral with banking counterparties and
balances segregated to provide for out of the money (OTM) positions with CASS
Clients. Client margins received and disclosed within client balances payable
are used to service margin calls with counterparties.
11 Derivative financial assets
30 June 31 December 2023
2024
£m £m
Non-current
Derivative financial assets at fair value 7.1 9.8
Current
Derivative financial assets at fair value 32.2 38.9
Total derivative financial assets 39.3 48.7
12 Trade and other payables
30 June 31 December 2023
2024
£m £m
Non-current
Provisions 0.3 0.3
Trade and other payables 0.3 0.3
Current
Amounts payable to clients 24.7 14.7
Corporation tax - 0.6
Amounts due to members and former members of Argentex LLP - 0.4
Trade payables 5.0 6.9
Accruals 6.6 5.6
Other taxation and social security 0.7 1.1
Trade and other payables 37.0 29.3
13 Derivative financial liabilities
30 June 31 December 2023
2024
Non-current £m £m
Derivative financial liabilities at fair value 3.5 5.8
Current
Derivative financial liabilities at fair value 19.8 23.6
Total derivative financial liabilities 23.3 29.4
14 Share capital
Ordinary Management Nominal
shares shares value
Allotted and paid up No. (m) No. (m) £
Ordinary shares of £0.0001 each 113.2 - 11,321
Management shares issued of £0.0025 each - 23.6 58,974
At 31 December 2023 113.2 23.6 70,295
Ordinary Management Nominal
shares shares value
Allotted and paid up No. (m) No. (m) £
Ordinary shares of £0.0001 each 120.4 - 12,043
Management shares issued of £0.0025 each - 23.6 58,974
At 30 June 2024 120.4 23.6 71,017
On 13 May 2024, 7,221,508 Ordinary shares of £0.0001 each were issued for
trading on AIM at a price of 45p per share generating £3,249,679 before
issuance costs.
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. END IR GPUBCBUPCGBMRecent news on Argentex
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