Argentex FY operating profits seen broadly flat YOY

Foreign exchange service Argentex Group warned on Friday that full-year revenue and operating profits would be broadly flat year-on-year and below current market forecasts.

Argentex said it was "very disappointing" that its full-year numbers were likely to "show little, if any, improvement" on a year-on-year basis.

The AIM-listed group noted that although current market conditions "remain challenging", it said it continues to be a "stable, profitable and cash generative business".

Interim chief executive Jim Ormonde said: "We are in the process of concluding a review of our strategy, which we will communicate to investors in the New Year, and we remain confident that there is a significant market opportunity for us to exploit."

As of 1020 GMT, Argentex shares were up 5.24% at 62.30p.

Reporting by Iain Gilbert at Sharecast.com