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Argentex still in expansionary mode

A slight dip in revenues constitutes a creditable result given wider business disruption
Argentex still in expansionary mode
  • 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.

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