We’re approaching the start of the latest results season, and B2B-focused Argentex is ahead of the pack with its FY 2021 results, while Alpha FX has published a trading update on its H1 2021 numbers.
Argentex FY 2021: A Year of two halves
While the initial impressions are that the company suffered from reduced trading as a result of Covid-19, there are nuances in the numbers that show Argentex on the road to recovery. H2 was a notable improvement on H1, with revenues up 39% in the second half of the year, and the number of corporates actively trading in H2 up 14% on 2020.
Across the year, Argentex also saw FX turnover increase by 5% compared to 2020, and while revenue for the whole year was slightly down on the previous year, the company did gain £7.4m revenue from new clients. The company has also adapted to the changing market conditions produced by Brexit, opening an office in Amsterdam that has begun generating revenue within its first year, and is seeing growth in Australia.
Alpha FX H1 20201: A strong start
This week Alpha FX also published its headline H1 2021 results in a trading update, with strong performance as headwinds reduce. The company saw an 89% year-on-year revenue increase, with it seeing the market return to pre-Covid conditions from June 2020, apart from tourism and hospitality.
Alpha also reported increasing its client numbers by 11% to 838, and is seeing strong performance in its Alternative Banking segment, which saw the launch of an end-to-end platform in April.
Alpha anticipates future growth from this segment, as well as seeing increased growth as tourism begins to return. It also plans to open a new Milan office to increase its presence in the Italian market.