Argentex Group PLC on Wednesday posted higher half-year profit and revenue on divisional progress, but noted a reduction in recent market activity.

Shares in Argentex were down 11% at 98.00 pence each in London on Wednesday afternoon.

The London-based international provider of foreign exchange services for institutions, corporates and high-net-worth private individuals said pretax profit grew by 12% to £4.8 million in the six months that ended June 30 from £4.3 million a year prior.

Revenue rose by 28% to £25.0 million from £19.5 million, with Argentex citing ‘strong progress’ across its People, Technology & Product and International Expansion divisions.

Argentex proposed an interim dividend of 0.75 pence after not having declared one for the first half of 2022.

Looking ahead, Argentex said it continues to deliver growth ‘despite challenging conditions’, and said revenue in the nine months to September 5 increased 21% to £35 million compared to £29 million the same period last year.

Current trading is in-line with its full-year expectations, stating its ‘approach to balancing cost discipline with re-investment for growth remains unchanged, enabled by a strong balance sheet and continued high levels of cash generation.’

However, Argentex noted a reduction in market activity across its Institutional and European divisions across the nine-month period.

Chief Executive Officer Harry Adams said: ‘I am very pleased to announce another strong set of results for Argentex, despite a continuation of the prevailing macroeconomic challenges, demonstrating significant progress in the diversification and growth of our offering both by product and geography. Our core business is driving double-digit revenue growth, supported by the return on investments across new technology and product initiatives.’

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