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
· 6
Cathnor Road Management Company Limited
· Argentex Capital Limited
· Argentex Foreign Exchange Limited
· Argentex Technologies Limited
|
Past
Directorships/Partnerships
· Guy
Rudolph Consulting 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
Teneo (Financial PR)
James Macey-White / Victoria Boxall /
Rashida Salemahomed
argentex@teneo.com,
020 7260 2700
Singer Capital Markets (Nominated Adviser and
Broker)
Tom Salvesen / James Maxwell /
Asha Chotai
020 7496 3000
