Argentex reports flat revenue and profit, appoints interim CFO

LONDON: Argentex Group PLC, a currency management and payment solutions provider, announced today that its revenue and operating profit for 2023 were unchanged from 2022, at £49.8m and £8.0m respectively. The company said it invested heavily in people, technology and overseas expansion, but faced challenging market conditions and unexpected costs.

The company also named Guy Rudolph as its interim CFO, effective from 31 January 2024. Rudolph is a former executive at Vodafone, Camelot and Rank Group, with experience in driving transformation and cost discipline.

Jim Ormonde, interim CEO of Argentex, said the company was confident of its market opportunity and would share its plans after completing its strategic review. He said the company was profitable and cash generative, and had a new senior management team focused on growth. He added that the company was positive about its long-term outlook and would update investors after its full year results in April.

Argentex Group moves headquarters to 25 Argyll Street, London