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Argentex shares fall as it promotes within to replace outgoing chair

10th Jul 2023 10:45

(Alliance News) - Argentex Group PLC on Monday said Chair Digby Jones will step down in September promoting within for his successor, alongside noting first half trading to be in line with management's expectations.

Shares in Argentex were down 9.8% to 120.00 pence each in London on Monday morning.

The London-based international provider of foreign exchange services, specifically for institutions, corporates and high net worth private individuals, said Jones would be succeeded by Senior Independent Director Nigel Railton on September 1.

Railton will be replaced by Jonathan Gray as senior independent director.

Jones has been involved with Argentex and will remain as a non-executive director, indicating his intention to retire on or before his 70th birthday in 2025. The company said Jones has "provided strong and effective leadership to the group from inception through to the successful flotation in 2019 and thereafter".

Argentex noted Railton was, until recently, chief executive officer at Camelot UK Lotteries Ltd. Under his leadership, Camelot doubled digital sales to GBP3.5 billion and "became one of the world's leading lottery operations", Argentex said.

As a result of Jones' long-term retirement plans, Argentex said it has started a recruitment process for two new non-executive directors, one of whom will be appointed "as soon as practicable" to replace Railton as chair of the audit committee and the other to replace Jones.

Railton will continue as chair of the audit committee until a non-executive director appointment is made.

"I have been involved with Argentex for over ten years and I am proud of what we have achieved in that time. Nigel Railton has a strong track record as CEO of Camelot and I am delighted that he will replace me as chair to steer the group through its next phase of growth," said outgoing Chair Jones.

Incoming Chair Railton added: "The company has a talented executive team, which has consistently delivered revenue growth for the past four years. I look forward to working with the board and executive team to now accelerate this, through building on the strong foundations already in place and further developing a clear, consistent and deliverable strategy to take advantage of the many market opportunities."

Meanwhile, in the first half of 2023, Argentex said it continues to trade in line trade in-line with the management expectations and expects to report half-year revenues of GBP25 million, up 28% from a year earlier.

"The group's core currency management offering continues to grow successfully whilst revenue from the online platform and the new alternative transaction banking product out-performed management expectations in the period," Argentex explained.

Chief Executive Officer Harry Adams added: "Despite the global economic uncertainty, the group continues to perform well across all divisions and, importantly, adoption of our new products and services remains positive.

"The group is now two years into its transition from a single product, single office operation to a multi-product, multi-office currency management and payments services business. The strategy to invest in technology, people and overseas expansion is continuing to deliver strong results across the group."

By Greg Rosenvinge, Alliance News reporter

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