(Alliance News) - Argentex Group PLC on Thursday announced that Chief Financial Officer Jo Stent has left its board effective immediately, but agreed to work until the company finds a suitable replacement.

Argentex shares fell 21% to 62.04 pence each on Thursday afternoon in London.

Two weeks ago, the international provider of foreign exchange services for institutions, corporates and high-net-worth private individuals announced that former chief executive officer Harry Adams stepped down, with Jim Ormonde becoming CEO on an interim basis.

In October, Chair Nigel Railton had said: "We have recently conducted a review of Argentex's strategy and have identified a number of areas of focus to ensure the continued growth of the business."

In September, the company had reported that in the first half of 2023, pretax profit grew 12% to GBP4.8 million from GBP4.3 million a year prior, as revenue climbed 28% to GBP25.0 million from GBP19.5 million. In its outlook, it had said that it traded in line with its own expectations for 2023.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.