LONDON (ShareCast) - (Sharecast News) - Foreign exchange services provider Argentex Group issued its maiden interim results for the six months ended 30 September on Wednesday, following its admission in June.

The AIM-traded firm said that, in its underlying results for Argentex LLP, foreign exchange turnover was up 16.4% at £5.96bn, and revenue rose 41.7% to £13.8m.

LLP profits after members' remuneration grew to £6.5m from £2.6m year-on-year.

Looking at Argentex Group plc for the period from incorporation on 26 April to 30 September, the company said revenue was £9.3m and underlying operating profit was £4.3m.

The company's underlying operating profit margin was 46.2%, and its adjusted profit before tax totalled £4.3m.

Profit after tax was £3.2m, and earnings per share was a basic 2.8p and an underlying 3.0p,

On the operational front, the board noted the successful admission to trading on AIM on 25 June, raising net proceeds of £12m and increasing its trading capacity.

Growth in foreign exchange turnover and revenue was said to have been driven by increased client numbers and foreign exchange volume traded, with 210 new corporate clients signed during the period.

It reported an increased productivity of its sales team, as its staff gained experience, leading to improved client conversion and quality, with a total of 932 corporate clients actively trading in the period.

Argentex said it was in the "advanced stages" of negotiation for new premises to enable a "significant expansion" in headcount across all areas.

It also noted that its non-executive board was strengthened, with the appointment of Lena Wilson as senior independent director and chairwoman of the nominations committee.

"During the period, we reached a significant milestone in the company's history, when we were successfully admitted to trading on AIM in June," said co-chief executive officers Harry Adams and Carl Jani in a joint statement.

"At that time, we had a clear message of commitment to our growth strategy and proven business model, which has delivered profitable growth since inception.

"We look forward to generating returns for our new investors by continuing to address underserved parts of the FX market and using our stronger balance sheet to grow organically whilst selectively taking advantage of long-term opportunities that are now available to us."

At 1302 GMT, shares in Argentex were down 2.81% at 167.9p.

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