Argentex Group (AGFX) Trading Update summary

Trading performance and outlook

• H1 2024 revenues expected at approximately £23.9m, compared to £25.0m in H1 2023, with trading in line with market expectations.

• Board remains confident in full year expectations despite continued adverse FX market conditions in Q1 2024.

• Trading momentum improved in Q2 2024, supporting a positive outlook.

Strategic initiatives and expansion

• Significant progress in building the Alternative Banking (ATB) team with experienced hires to accelerate transformation.

• Granted an Australian Financial Services Licence, enabling expansion into the Australian market.

• Dubai regulatory licence approval process is ahead of schedule, supporting further overseas growth.

Leadership and organizational changes

• Guy Rudolph appointed as permanent CFO and joins the Board, having served as Interim CFO since January 2024.

• Key executive appointments include Tim Rudman as COO and Daniel Ross as Chief Commercial Officer, strengthening leadership for ATB and commercial operations.

• Leadership team now positioned to execute growth agenda and international scaling.