Argentex Group PLC on Friday said it expected revenue and operating profit in 2023 to be below market forecasts, a day after it announced that Chief Financial Officer Jo Stent left the company board.
The international provider of foreign exchange services for institutions, corporates and high-net-worth private individuals said it expected revenue and operating profit in 2023 to be about the same as in calendar year 2022.
The company in April changed its financial year to match the calendar year. It had ended at the end of March before.
In April, Argentex reported that in the nine months to 2022, revenue was £41.0 million, 63% higher than in financial year 2022 that ended on March 31. Operating profit in the nine months was 22% lower at £8.1 million, compared to £10.4 million in the 12 months to March 31, 2022.
Interim Chief Executive Officer Jim Ormonde said: ‘Obviously it is very disappointing that the numbers for this year are likely to show little, if any, improvement on last year and current market conditions remain challenging. However, Argentex continues to be a stable, profitable and cash generative business. We are in the process of concluding a review of our strategy, which we will communicate to investors in the New Year, and we remain confident that there is a significant market opportunity for us to exploit.’
The announcement came a day after Argentex said that CFO Jo Stent has left the company board effective immediately, but agreed to work until Argentex finds a suitable replacement.
Two weeks ago, the company announced that former chief executive officer Harry Adams stepped down, with Jim Ormonde becoming CEO on an interim basis.
In October, Chair Nigel Railton had said: ‘We have recently conducted a review of Argentex’s strategy and have identified a number of areas of focus to ensure the continued growth of the business.’
Argentex shares rose 3.7% to 61.40 pence each on Friday afternoon in London.
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