Marex Group Achieves Strong Growth in Multiple Segments for Q1 2024 and Full Year 2023

Marex Group plc. (Marex), the diversified global financial services platform, released its trading data for the quarter ended March 31, 2024 (Q1 2024) and the full year 2023.

Trading Overview for Q1 2024:

• Revenue totaled $365.8 million for the three months, increasing 12.4% compared to $325.5 million in the prior quarter. During the quarter, revenue from clearing segments was $100.7 million, up 21.8% compared to $82.7 million on a quarter-on-quarter basis (QoQ); revenue from agency and execution segment was $168.1 million, up 6.5% from $$157.9 million in the prior quarter; revenue from market marking operates was $41.8 million, up 7.7% from $38.8 million in Q4 2023; and revenue from hedging and investment solutions segment was $41.3 million, up 24.4% from $33.2 million in the previous quarter. Corporate revenue came in at $13.9 million, rising 7.8% compared to $12.9 million in the prior period.

• Net commission reported of $218.9 million for the quarter, 20.7% higher than $181.4 million on a quarterly basis.

• Net trading income amounted to $106.2 million, 4.8% lower than $111.5 million in the prior quarter.

• Adjusted operating profit totaled $67.7 million during the three months, an increase of 28.7% compared to $52.6 million in the prior quarter.

• Net interest income was $35.6 million, 18.3% higher than $30.1 million in Q4 2023.

• In Q1 2024, the reported profit before tax reached $58.9 million with margin of 16%, a significant increase of 104.5% compared to $28.8 million and a 7bps growth compared to the margin of 9% in the previous period.

Trading Overview for Full Year 2023:

• Revenue totaled $1,244.6 million for the full year, soaring 75.0% compared to $711.1 million in 2022. Specifically, revenue from clearing business was $373.6 million, up 86.8% from $200 million in 2022; revenue from agency and execution business was $541.5 million, jumping 134.7% from $230.7 million in 2022; revenue from market making business was $153.9 million, down 10.8% from $172.6 million in 2022; revenue from hedging and investment solutions was $128.1 million, up 28.1% from $100 million in 2022; while the corporate revenue for the year soared 509.0% from $7.8 million to $47.5 million.

• Net commission income for the year 2023 reached $704.9 million, a great increase of 100.4% compared to $351.8 million in the prior year.

• Net trading income for the full year came in at $411.4 million, rising 26.5% compared to $325.3 million in 2022.

• Net interest income reported of $121.6 million, a significant growth of 313.6% compared to $29.4 million in the prior period.

• Adjusted operating profit totaled $230.0 million in 2023, jumping 89.0% from $121.7 million in 2022.

• Reported profit before tax rose by 61.6% from $121.6 million in 2022 to $196.5 million in 2023, while the profit before tax margin dropped from 17% to 16% on a yearly basis.