Marex Group Plc (MRX), a diversified international financial services platform, announced its 2023 fiscal results and a Q1 2024 update on 16 May 2024. Although the company’s shares were down 1.81% at the final bell, there was a 2.37% spike during after-hours trading.
Marex Stock Up After Release Of 2023 FY Results And 2024 Q1 Update
Revenue for the 2023 fiscal year increased by 75%. The company attributed this uptrend to positive organic growth and the “benefit of acquisitions”. This included the ED&F Man Capital Markets division and the Cowen acquisition in December 2023. The firm stated:
Performance was strong across the Group. Revenue rose 75% to $1,245 million and Reported Profit before tax was up 62% to $197 million and Adjusted Operating Profit rose 89% to $230 million.
According to the organisation’s press release, both organic and inorganic growth drove the increase in client activity. It recorded 129 million trades for the 2023 FY, a 122% surge, and contracts cleared spiked by 245%. Based on Marex data, average client balances grew by 45% compared to the 2022 FY.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
Marex also upped its 2024 Q1 revenue expectations by 12% from $326m to $366m. The organisation launched its IPO on 25 April 2024 when it started trading its ordinary shares on the Nasdaq. Ian Lowitt, the group CEO, said:
2023 was another exceptional year where we transformed the scale and scope of the firm and maintained our record of delivering sequential growth over each of the last nine years, with an Adjusted Operating Profit compound annual growth rate of 34%. We continued to deliver on our strategy to expand our capabilities and our geographic reach, providing our growing client base with essential market connectivity, liquidity and hedging solutions.
