London-headquartered currency risk management and alternative banking specialist Argentex Group plc (LON:AGFX) has released its financial results for 2024, showing relatively flat top-line Revenues while increasing costs turned a £5M profit in 2023 into a £1M loss in 2024.
2024 Highlights at Argentex
Financial summary
- Group revenue of £50.3m (FY23: £49.9m), with growth in the number of clients offset by a reduction in average spend.
- Improving trading momentum with revenue growth of 6% yoy in H2 (vs. 4% yoy decline in H1).
- EBITDA margin of 8% comfortably ahead of previous expectations of low single digit EBITDA margin.
- Operating loss of £0.2m (12 months to 31 December 2023: operating profit of £8.1m), with margin reduction as a result of planned investment in business transformation.
- Net loss of £1.2m (FY23: profit of £5.1m).
- Strong balance sheet:…
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