Argentex Group PLC on Wednesday said revenue jumped by almost a quarter, as market confidence picked up with the easing of Covid-19 restrictions.

The London-based foreign exchange provider said that revenue in the financial year to March 31 was up 23% to £34.5 million from £28.1 million the year before. This includes £8 million from 528 new clients.

Pretax profit jumped by 35% to £10.0 million from £7.4 million year-on-year.

Argentex said that client trading volumes recovered throughout its financial year as market confidence improved from 2021. Notably, the second half of the financial year contributed 54% of annual revenue as volumes increased.

It added that the launch of its online platform in February contributed to a ‘record’ month in March with 391 trades completed, compared to 123 trades in March 2021.

Argentex also reinstated a total dividend of 2.0 pence, in line with prior years.

Trading into its current financial year has been ‘positive’, the company said. It reported that revenue in its first quarter was up 22% to £10.1 million, compared to £8.3 million year-on-year.

Looking forward, it expects to accelerate investment into people and technology to capture new customers, gain further international reach and enable improved efficiency.

Chief Executive Harry Adams said: ‘The results demonstrate strong progress against our long-term strategic initiatives and the quality of our growing talent base as we continue to invest to meet the growing demands of our clients, drive efficiencies and uncover new opportunities, both domestically and internationally.’

The financial year-end is changing from March 31 to December 31, Argentex added.

Shares in Argentex were down 2.5% to 77.60 pence each in London on Wednesday morning.

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