Argentex Group PLC on Tuesday said it expects lower revenue and profit than previously anticipated.

Shares in Argentex fell 19% to 56.70 pence each in London on Tuesday morning.

The international provider of foreign exchange services for institutions, corporates and high-net-worth private individuals said that in 2023, it expects to report revenue of GBPP49.8 million, down 1.2% from £50.4 million a year earlier.

It also expects operating profit of ‘not less than’ £8.0 million, down 29% from £11.3 million.

‘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,’ Argentex said.

The firm also said on Tuesday it has appointed Guy Rudolph as interim chief financial officer until a permanent replacement is found. Rudolph will officially begin his role on January 31.

This comes after CFO Jo Stent’s resignation was announced on November 9. Two weeks prior to his resignation, Argentex announced that Chief Executive Officer Harry Adams had stepped down, with Jim Ormonde becoming CEO on an interim basis.

Rudolph had previously served as deputy CFO of Camelot from 2017 to 2022 and later interim Director of Group Finance at Rank Group PLC.

Interim CEO Jim Ormonde said: ‘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.’

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