9th Jul 2024 13:52
(Alliance News) - Argentex Group PLC on Tuesday said it made good progress in implementing the key initiatives to transform its business into a leading provider of alternative banking solutions.
Argentex shares surged 20% to 32.41 pence each on Tuesday afternoon in London.
The international provider of foreign exchange services for institutions, corporates and high-net-worth private individuals expects revenue to have declined 4.4% to GBP23.9 million in the first half of 2024 from GBP25.0 million a year prior.
The company said: "Although adverse market conditions experienced during 2023 in the core foreign exchange business continued into the first quarter of 2024, trading momentum in the second quarter has been encouraging. The group continues to make good progress across the areas of strategic focus, particularly in regards to the acceleration in alternative banking and the geographic expansion overseas."
Argentex said this is in line with expectations and that it is confident in its full year expectations.
Chief Executive Officer Jim Ormonde said: "Following the completion of our strategic review at the start of the year we have made good progress as we begin to implement the key initiatives to transform the business into a leading provider of alternative banking solutions, which will complement our expertise in currency risk management."
Meanwhile, Interim Chief Financial Officer Guy Rudolph has been promoted to the role on a permanent basis. He had served as interim CFO since January.
The company added it appointed Tim Rudman as chief operating officer and Daniel Ross as chief commercial officer in the first half of 2024.
By Tom Budszus, Alliance News slot editor
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