NEW YORK, USA – Marex Group plc, a diversified global financial services platform, announces strong results for the third quarter (Q3) and nine months (9M) ended 30 September 2024, and upgraded outlook for the full year.
Ian Lowitt, Group Chief Executive Officer, commented: “This has been another strong quarter for Marex as we continue to deliver double digit revenue growth in all our business segments, thanks to continued positive momentum across all our businesses and supportive market conditions.
Our strategy to bring new clients to our platform and deepen existing client relationships by offering additional capabilities has delivered significant growth and increases our confidence in our ability to deliver through various market conditions including a lower interest rate environment.
In the last few months, we have invested to further diversify our global platform, expanding our capabilities and geographic footprint, in line with our strategy to add new clients and increase the services we can provide them. We have continued to grow our capital base and diversify our funding sources with a successful senior debt issuance, and we were pleased to see strong investor demand for the recent share placement launched by our shareholders, which increased liquidity in our stock.
Thanks to the strong performance so far this year and continued momentum across our business segments, we have increased our guidance for the full year.”
Marex Group plc: Financial Highlights
- Delivered strong performance in Q3 2024: Continued positive momentum across all business segments during the third quarter supported by a positive market backdrop and continued growth in exchange volumes in both commodities and financials.
- Upgraded guidance for full year 2024: Due to the strong performance in the third quarter, we anticipate our Adjusted Operating Profit to be approximately $300 million to $305 million for the full year ending 31 December 2024 (previously $280 million to $290 million).
- Strategic growth investments: We announced four investments in line with our strategy to expand our geographic footprint and build out our product capabilities. We are expanding our footprint in the Middle East through the acquisition of Aarna Capital and our FX capabilities through the acquisition of Hamilton Court Group. We are also investing to further build out our environmental products capabilities through the acquisition of biogas specialist, Dropet and a carbon credit partnership with Key Carbon.
- Successful secondary equity placement: Upsized deal resulted in existing shareholders placing 9.7 million shares with institutional shareholders in October 2024, increasing public float to approximately 52%.
- Prudent approach to capital and funding: Successfully issued $600 million 5-year senior unsecured notes, further diversifying our funding sources and increasing our liquidity headroom, to support future growth of our franchise and growing our client base, particularly in clearing and prime services.
- Dividend: Dividend of $0.14 per share to be paid in the fourth quarter of 2024.
