REG - Argentex Group PLC - Trading Update and CFO appointment

ArgentexAnnouncement

30/01/2024 07:00

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RNS Number : 2835B  Argentex Group PLC  30 January 2024

30 January 2024

 

Argentex Group PLC

 

("Argentex" or the "Group")

 

Trading Update

Appointment of Interim CFO

 

 

Argentex Group PLC (AIM: AGFX), the provider of currency management and
payment solutions to international institutions and corporates, today issues a
trading update for the year ended 31 December 2023 and announces the
appointment of an Interim CFO.

Trading Update

On 10 November 2023 Argentex announced that it expected to report that revenue
and operating profit for the 12 months to 31 December 2023 would be at
approximately the same levels as for the twelve months ended 31 December 2022.

The Board now confirms that it expects revenues for the twelve months to 31
December 2023 of approximately £49.8m, compared to £50.4m for the twelve
months to 31 December 2022*, and operating profit of not less than £8.0m,
compared with £11.3m for the same period in 2022.

The Group invested, as communicated at the time, for growth in 2023, with
significant investment in people, technology and overseas expansion. However,
market conditions have remained challenging and there have been a number of
costs which had not been anticipated previously.

*the Group changed to a 31 December year end reporting date in FY2022 and
published audited results for a 9 month period to 31 December 2022.   FY2023
results have been compared with an equivalent 12-month period for 2022.

 

Appointment of Interim CFO

Argentex is pleased to announce the appointment of Guy Rudolph as Interim
Chief Financial Officer with effect from 31 January 2024. Guy is a qualified
chartered accountant and began his career at PwC before joining Vodafone where
he spent 16 years driving transformation across international teams in his
roles as Group Audit and Risk Director, and Director of Group Financial
Operations. He was also the deputy CFO of Camelot from 2017 to 2022 and later
interim Director of Group Finance at Rank Group plc.

 

Jim Ormonde, Interim CEO of Argentex, commented:

 

"The results for 2023 are clearly below market expectations but we remain
confident that there is a significant market opportunity for us to exploit. We
will share our plans for the business with investors following the publication
of our full year results in April and after we have completed our strategic
review.

The Group continues to be profitable and highly cash generative, with a new
senior management team fully focused on transforming the business to
capitalise on the growth opportunities ahead.   We will be looking for
operational efficiencies in addition to sustainable growth and Guy's rigour
will strengthen our forecasting capability and help drive cost discipline and
accountability across the management team.

We are positive about the long-term outlook of Argentex and look forward to
sharing the outcomes from the ongoing strategic review following the full year
results in April."

 

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.

 

For further information, please contact:

 

Argentex Group PLC

Jim Ormonde - Interim Chief Executive Officer

investorrelations@argentex.com

 

Singer Capital Markets (Nominated Adviser and Broker)

Tom Salvesen / James Maxwell / Angus Campbell

020 7496 3000

 

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