Marex Group plc Announces 2024 Interim Results

NEW YORK, 14 August 2024 (GLOBE NEWSWIRE) – Marex Group plc (‘Marex’ or the ‘Group’; Nasdaq: MRX), a diversified global financial services platform, announces strong results for the six months ended 30 June 2024, and a positive outlook for the full year.

H1 2024 Highlights

• Strong performance in H1 2024: Successful execution of our growth strategy and positive market conditions supported strong performance across all business segments in the first half of the year
• Exceptionally strong performance in the second quarter: Unusual conditions in the metals market benefited Market Making, as we supported our clients with access to liquidity, increasing volumes on our platform, while maintaining our prudent approach to risk
• Continued progress with our growth initiatives: We look to grow our platform and expand our client base, building out our product capabilities and geographic reach, diversifying our business and expanding our addressable market
• Prudent approach to capital and funding: Growing our capital base and significant liquidity headroom maintained
• Positive outlook: Based on the strong performance in the first half and positive momentum in our business segments, we anticipate full year Adjusted Operating Profit to be approximately $280m to $290m for the year ending 31 December 2024, assuming more normalised market conditions for the remainder of the year
• Progressive dividend policy announced: The Group Board expects to pay a dividend on a quarterly basis. Initial dividend of $10m or $0.14 per share to be paid in the third quarter of 2024

Ian Lowitt, Group Chief Executive Officer, commented:

“Marex delivered strong results in the first half of 2024, supported by organic growth and the ongoing integration of our recent acquisitions, with double digit growth in revenue and Adjusted Operating Profit across all our business segments. We continue to benefit from our diversified global platform, which has enabled us to grow our client base, add additional products across an expanded geographic footprint, and increase the amount of business we do with our clients.

We saw an exceptional performance in the second quarter, where in addition to growing in all of our business segments, we were able to take advantage of the unusual opportunities presented in the metals market resulting from amended guidance from the LME regarding Russian metals. We were able to support our clients as a market maker, providing access to liquidity in this active market. This demonstrates Marex’s ability to perform well in a favourable environment, while continuing to operate within our strict risk parameters.

The outlook for Marex remains positive and we believe we are on track for a tenth year of sequential growth. We anticipate full year Adjusted Operating Profit to be approximately $280m to $290m, assuming more normalised market conditions in H2 2024, following the strong performance in the first half, momentum in our businesses and further progress executing our growth strategy.”

Read the full press release

Conference Call Information:

Marex’s management will host a conference call to discuss the Group’s financial results today, 14 August 2024, at 9am Eastern Time.
A live webcast of the call can be accessed from Marex’s Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here
https://register.vevent.com/register/BId22ef6b4029c4b8caacf93432d9ecf7f

Enquiries please contact:
Marex
Investors – Robert Coates
+44 7880 486329 / rcoates@marex.com

Media – FTI Consulting US / UK
+1 (919) 609-9423 / +44 (0) 7776 111 222 | marex@fticonsulting.com

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