Fintech Argentex saw signs of an improving trading environment as it confirmed that Guy Rudolph would be finance chief on a permanent basis.
In a trading update covering the first half of the year, Argentex said that it expects to report revenue of around £23.9m for the first half.
This would be in line with market expectations but slightly lower than the £25m notched last year.
Argentex noted that trading had improved during the period. “Although adverse market conditions experienced during 2023 in the core FX business continued into the first quarter of 2024, trading momentum in the second quarter has been encouraging,” the firm said.
Argentex also announced that Guy Rudolph, who has been interim CFO since the beginning of this year, will be appointed on a permanent basis.
During the period Argentex also named Tim Rudman as chief operating officer and Daniel Ross as chief commercial officer.
The firm also said that it is making “good progress” on its areas of strategic focus, particularly the acceleration in Alternative Banking and the geographic expansion overseas.
“The Group is committed to accelerating its transformation into a firm with full-service cross border financial services expertise and is focused on building out the team with experienced key hires to develop its ATB product suite,” it said.
It confirmed that it had received an Australian financial services licence, allowing Argentex to offer “bespoke currency risk management solutions”.
“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, as outlined at the FY 2023 results,” Jim Ormonde, chief executive said.
“Notwithstanding the fact that the period has been one of change as we reposition the business for growth and scalability, I am pleased with trading during the first six months of the year, in particular the accelerating momentum through Q2, and I remain confident in the full year outlook for the business,” Ormonde continued.