Marex Sees 18% Increase in Net Revenues for 2020

Marex​, an essential tech-enabled liquidity hub connecting clients to global energy, commodity and financial markets, has today reported record results for the year ended 31 December 2020.

The results were up across every metric, with the Group's gross revenues up 37% at $762.4 million (2019: $554.9 million), net revenues up 18% at $414.7 million (2019: $352.2 million) and adjusted operating profit before taxation up 15% at $61.5 million (2019: $53.4 million).

Over the course of 2020, Marex​ also expanded its offering and regional diversification through three bolt-on acquisitions, involving Tangent Trading Limited, a London-based non-ferrous recycled metals specialist, Volatility Performance Fund SA, a Luxembourg-based equity volatility market maker, and X-Change Financial Access LLC (XFA), a Chicago-based execution broker for VIX and S&P options.

Marex closed the year with over $468 million of liquidity and increased client assets by 50% to $3.1 billion.

2021 Outlook

Marex​ has seen a strong revenue growth for the first quarter of 2021 compared to the fourth quarter of 2020. Operating profit before taxation for the first quarter of 2021 was materially above the Group's average quarterly operating profit before taxation for the last three quarters of 2020 despite a weaker performance in March.

However, because operating profit before taxation for the first quarter of 2020 was exceptionally high given the unprecedented volatility and market turmoil during the early stages of the COVID-19 pandemic, the figure for the first quarter of 2021 was, as expected, materially less than the record first quarter of 2020.

Change of Name

As Fazzaco reported earlier, Marex has simplified its name from "Marex Spectron" to the shorter and crisper "Marex" from 31 March 2021​. The Group has a new website at www.marex.com and deployment of the revised name will continue in the coming weeks.