Argentex Group PLC on Wednesday released its report for the nine months to December 31, comparing it to 12 months to March 31, 2022 as it changed its financial year to align with the calendar year.

Argentex is a London-based international provider of foreign exchange services to institutions, corporates and high net worth private individuals.

The company said in the nine months to December 31, pretax profit was £7.8 million, while it was £10.0 million in the 12 months to March 31, 2022.

In the nine months however, administrative expenses were £30.2 million, 32% higher than £22.9 million in the one year comparator period.

Revenue meanwhile rose 19% to £41.0 million compared to £34.5 million.

Argentex declared a final dividend of 2.25 pence per share for the nine month period, up from 2.0p for financial 2022.

Looking ahead, the company said its ‘strong’ momentum in the nine reported months has continued into the first quarter to March, with revenue at £12.7 million, 34% higher than a year prior.

‘Our European operations, headquartered in Amsterdam, continue to make progress and deliver ahead of expectations, while the Australasian focused office is established and ready to begin trading once regulatory permissions are granted,’ Argentex said.

It added that it looks ahead with optimism despite an uncertain global macro-economic backdrop.

Argentex shares fell 5.1% to 121.47 pence each on Wednesday afternoon in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.