Argentex Group
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Argentex Group (AGFX) investor relations material

Argentex Group has been delisted

Argentex Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary1 May, 2025

Executive summary

  • Transitioned from a voice brokering FX business to a scalable fintech, with a reset year marked by improved controls, new leadership, and a restructured front office.

  • Revenue for FY24 reached £50.3m, marginally up from FY23, with H2 showing 6% YoY growth after a 4% decline in H1.

  • EBITDA margin improved to 8%, exceeding expectations, but the group posted an operating loss of £0.2m due to transformation investments and one-off costs.

  • Net cash remained strong at £18.4m, with the group debt-free and stable year-over-year.

  • International expansion advanced with new licenses and operational launches in Australia, Dubai, and the Netherlands, and EU expansion underway.

Financial highlights

  • FY24 revenue was £50.3m, up 1% YoY, with H2 revenue up 6% after a 4% H1 decline.

  • EBITDA was £4.0m (8% margin), down from £11.9m (24% margin) in FY23, impacted by one-off charges and growth investments.

  • Operating loss of £0.2m (FY23: £8.1m profit) reflects £1.5m transformation costs, £0.6m non-cash charge, and a £0.6m client default.

  • Net cash at year-end was £18.4m, stable year-over-year.

  • Client base grew 9% to 2,113, though average revenue per client fell 9% YoY due to margin compression.

Outlook and guidance

  • Strong H2 momentum has continued into Q1 FY25, with expectations for meaningful revenue growth and new product launches in summer 2025.

  • Medium-term guidance targets 15–20% revenue growth and mid-teens EBITDA margins by FY26.

  • Geographic and product expansion, including MiFID license application in the Netherlands, expected to drive future growth.

When will digital accounts & payments launch?
Assess impact of one-off charges on FY24 EBITDA.
What is the status of EU expansion plans?
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Frequently asked questions

Argentex Group PLC provides foreign exchange services for businesses worldwide. The company's activities include arranging payments in foreign currencies, making payments on behalf of customers, and making settlements in the foreign exchange markets. It offers currency purchasing, selling, and hedging services; and money transfer, remittance, currency credit facility and cash loading facilities for international business-to-consumer and business-tobusiness transactions. Argentex Group PLC was founded in 2011 and is headquartered in London, the United Kingdom.

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