Argentex has published its half-year results for the six months to September. Below, we take a look at how the company has fared through the pandemic.

Some takeaways:

• For the period to 30 September 2020, the company has seen a 21.9% drop in revenues, significantly reducing operating profit margins. This was largely the result of the pandemic as clients put dealing decisions on hold, causing a significant fall in trading volumes.
• The company started to show some signs of recovery at the end of the period: revenue in September more than doubled that in August.
• The previously industry-leading revenue per employee Argentex posted is beginning to come down as Argentex adds to its headcount to try to continue to scale.

Argentex’s core mid-market customer has not had an easy 2020, putting a dent in the previous consistent growth pattern of the company. It also continues to operate in a highly competitive space and it remains to be seen what investment may be necessary to continue its previous growth rates.

Cristina Puscas

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Cristina is an Associate Product Manager at FXC Intelligence. She focuses on the key trends driving global payments such as the emergence of mobile money and mobile wallets the increasing use of dynamic pricing. Before joining FXC Intelligence, Cristina worked at a research consultancy. Cristina has a degree in Economics and Business from University College London.