Argentex, an FCA-regulated provider of foreign exchange services to corporate and private clients across EMEA, has reported another year of strong growth across all key metrics.
The growth was achieved despite considerable exceptional costs in the financial period, as the business continued its investment in compliance functions related to the implementation of MIFID II, GDPR and PSD2 regulation.
Revenue of GBP13.2 million, was up 24.5 per cent year on year (2017: GBP10.6 million), while gross notional currency traded increased by 37 per cent to GBP7.8 billion (2017: GBP5.7 billion). The company also saw 19 per cent growth in trading corporate clients to 900 (2017: 757).
New profit increased 12.9 per cent to GBP6.1 million (2017: GBP5.4 million, while the company invested GBP1 million in regulatory and compliance functions.
Harry Adams, CEO at Argentex, says: “We provide our clients with independent advice and FX services and these results demonstrate that as an established, employee owned business, we continue to grow at a sustainable rate.
“We were particularly encouraged to maintain momentum with both revenue and profit growth, despite significant regulatory costs. Argentex have always been proud to set the benchmark for corporate stewardship and governance across the industry through full regulatory compliance, and as a result we invested heavily in compliance capacity.”
“We saw strong performance in the six months following year end, including record trading volumes and the execution of our first structured products in September as our clients look to protect against currency movements and uncertainty fuelled by the ongoing Brexit headlines and a potential Labour government. We remain in a very strong position to drive further client growth and look forward to building on our suite of products and advice as we aim to become the FX provider of choice.”
