Trading update and Board changes

20 January 2021

Argentex Group PLC ("Argentex")

Trading update and Board changes

Argentex, the provider of bespoke foreign exchange advisory and execution services to financial institutions, corporates and high net worth individuals today provides a trading update and announces a number of Board changes.

Trading update

Argentex is pleased to report that trading has continued to improve following the announcement of its Interim Results on 20 November 2020. Although the full effect of the latest lockdown has yet to be felt, the recent Brexit trade agreement and the successful implementation of the vaccine programme for Covid-19 provides the Board of Argentex with confidence that this encouraging trend, driven by a return to historic client trading behaviour, will continue for the remainder of the financial year to 31 March 2021.

Board changes

The Board is also pleased to announce the appointment of Jo Stent as Chief Financial Officer with effect from 1 February 2021. She has been a senior finance professional for 25 years, most recently as Chief Financial Officer of the European Tour and Ryder Cup Europe. She is a former CFO of Vodafone Americas having previously held senior positions at Telus Communications and Deloitte. Jo is a chartered accountant having qualified at EY. Jo will replace Sam Williams, who is leaving Argentex to pursue other opportunities, after a handover period of three months.

Carl Jani, Joint CEO, is taking a leave of absence from the business for health reasons with immediate effect. In this interim period, Harry Adams, Joint CEO, will assume the role of sole CEO.

Harry Adams, CEO said: "We are delighted to have attracted someone of Jo's calibre to Argentex. Her financial expertise and experience in global businesses will be a huge benefit to us as we continue to realise our growth ambitions.  This is an exciting time for us as trading volumes return to pre-pandemic levels."

Lord Digby Jones, Chairman, commented: "I am pleased to welcome Jo to the Board of Argentex where her skills will be a major asset for us as we continue to grow. I'd also like to thank Sam for his dedication and hard work. He joined us in 2015 and was a key member of the team for our successful IPO in 2019. We wish him every success in the future.

"We all wish Carl well and hope he makes a full and speedy recovery."

For further information please contact:

FTI Consulting (Financial PR)

Ed Berry / Shiv Talwar / Ambrose Fullalove

Telephone: 07703 330 199

[email protected]

Numis Securities Limited (Nominated Adviser and Broker)

Stephen Westgate, Charlie Farquhar, Laura White, Hugo Rubinstein
Telephone: +44 (0) 20 7260 1000

Additional information:

Joanne Thomson Stent (formerly Fletcher, aged 46) is, or has been, a director or partner of the following companies or partnerships during the previous five years:

Save as set out above there are no other disclosures in respect of the appointment of Jo Stent that fall to be made under Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for Companies.