The UK FCA regulated provider of foreign exchange advisory and execution services to corporates and private clients across EMEA region has reported its financial results for the twelve months fiscal ending on 31st March 2018.
The company reported strong growth across all its segment, further cementing the position of the firm in the market. The company clocked strong growth despite the exceptional rise in operational cost in the financial period due to compliance functions related to MiFID II, GDPR and PSD2 regulations.
The revenue during the period came in at £13.2 million, an increase of 24.5 per cent year-on-year from £10.6 million in FY 17. Net profits during the period came in at £6.1 million, a growth of 12.9 per cent from £5.4 million in 2017. During the period, the number of corporate clients grew to 900, marking an increase of 19 per cent from 757 in the last fiscal. The gross notional currency traded also witnessed a growth of 37 per cent, to £7.8 billion. During the period, the company has invested £1 million in compliance with the latest regulatory functions.
Operationally also the company ranked as most accurate forecaster by Bloomberg for the EUR/USD trading pair for the three consecutive quarters. In Q1, Argentex also ranked most accurate forecaster by Bloomberg for GBP/USD. During the period, Argentex received authorization from FCA for the provision of Investment Services under MiFID II, making it only a few players in the market able to offer FX, payment, E-Money and MiFID-relevant services all from the same entity.
Harry Adams, CEO at Argentex commented:
“We provide our clients with independent advice and FX services and these results demonstrate that as an established, employee-owned business, we continue to grow at a sustainable rate.”
“We were particularly encouraged to maintain momentum with both revenue and profit growth, despite significant regulatory costs. Argentex has always been proud to set the benchmark for corporate stewardship and governance across the industry through full regulatory compliance, and as a result, we invested heavily in compliance capacity.”
“We saw strong performance in the six months following year-end, including record trading volumes and the execution of our first structured products in September as our clients, look to protect against currency movements and uncertainty fuelled by the ongoing Brexit headlines and a potential Labour government. We remain in a very strong position to drive further client growth and look forward to building on our suite of products and advice as we aim to become the FX provider of choice.”
