- Commercial requirements for FX trades were temporarily curtailed
- Record client activity through the second half as volumes returned
Argentex (AGFX) recorded a 30 per cent drop in adjusted operating profits to £8.7m at its March year-end, with financial performance constrained by flat interest rates as the points (yield) on forwards was close to zero. Forward points allow the group to take a larger spread on trades and can lead to further revenue when clients initiate a swap to draw down on their forward contract. However, the FX trader continued to build client numbers and the number of corporates actively traded despite a challenging trading backdrop.