Marex Group plc (‘Marex’ or the 'Group’; Nasdaq: MRX) a diversified
global financial services platform, providing essential liquidity,
market access and infrastructure services to clients in the energy,
commodities and financial markets, today reported financial results
for the fourth quarter ('Q4 2024') and year ended 31 December 2024
('2024').
Ian Lowitt, Group Chief Executive Officer,
stated, “I'm pleased to confirm that robust levels of
client activity and positive market conditions led to another
strong performance in the fourth quarter, typically a slower
quarter seasonally. This delivered a full year Adjusted Profit
Before Tax1 of $321.1 million, up 40% year-over-year. Our
performance in 2024 demonstrates the strength and scalability of
our diversified global platform, as we delivered strong organic
growth, gained market share and continued our track record of
sequential profit growth. We have continued to execute our strategy
of expanding our geographic footprint and product capabilities
through both organic growth initiatives and strategic acquisitions,
increasing our relevance to a growing client base, and are
confident of achieving sustainable growth through a variety of
market conditions. We have had a strong start to 2025 with positive
momentum continuing into the first two months of the year,
reflecting strong levels of client activity on our platform
consistent with higher exchange volumes.”
Financial and Operational Highlights:
- Strong Q4
performance: robust client activity and supportive market
conditions drove positive momentum and strong organic growth across
the business. Average invested assets grew 12% over the quarter to
$15.5bn delivering net interest income of $62.6m, broadly in line
with the third quarter
- Record full
year 2024 profit: Adjusted Profit Before Tax1 increased
40% to $321.1m on a 28% increase in revenue, extending our track
record of sequential profit growth to 10 years, as we continued to
scale our platform
- Executed
growth strategy: expanded our geographic footprint and
product capabilities through both organic growth and strategic
acquisitions, increasing our market share and relevance to a
broader client base
- Successful
IPO and secondary placing, supported by strong investor
demand: publicly listed on Nasdaq in April, with
successful first follow-on transaction in October increasing public
float to 52%
- Prudent
approach to capital and funding: maintained a strong
capital and liquidity position and further diversified funding
sources with a $600m senior unsecured issuance
-
Dividend: $0.14 per share to be paid in the first
quarter of 2025
|
Financial Highlights: ($m) |
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
Change |
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
|
Change |
|
|
|
|
Restated2 |
|
|
|
|
|
|
|
|
|
Revenue |
415.6 |
|
325.6 |
|
28% |
|
1,594.7 |
|
1,244.6 |
|
28% |
|
Profit Before Tax |
77.8 |
|
39.4 |
|
97% |
|
295.8 |
|
196.5 |
|
51% |
|
Profit Before Tax Margin (%) |
19% |
|
12% |
|
700 bps |
|
19% |
|
16% |
|
300 bps |
|
Profit After Tax |
56.7 |
|
28.1 |
|
102% |
|
218.0 |
|
141.3 |
|
54% |
|
Profit After Tax Margin (%) |
14% |
|
9% |
|
500 bps |
|
14% |
|
11% |
|
300 bps |
|
Return on Equity (%) |
23% |
|
15% |
|
800 bps |
|
25% |
|
19% |
|
600 bps |
|
Basic Earnings per Share ($)3 |
0.76 |
|
0.37 |
|
105% |
|
2.96 |
|
1.94 |
|
53% |
|
Diluted Earnings per Share ($)3 |
0.70 |
|
0.35 |
|
100% |
|
2.72 |
|
1.82 |
|
49% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Profit Before Tax1 |
81.4 |
|
52.6 |
|
55% |
|
321.1 |
|
230.0 |
|
40% |
|
Adjusted Profit Before Tax Margin (%)1 |
20% |
|
16% |
|
400 bps |
|
20% |
|
18% |
|
200 bps |
|
Adjusted Profit after Tax Attributable to Common
Equity1 |
57.8 |
|
38.2 |
|
51% |
|
231.0 |
|
162.6 |
|
42% |
|
Adjusted Return on Equity (%)1 |
27% |
|
23% |
|
400 bps |
|
30% |
|
26% |
|
400 bps |
|
Adjusted Basic Earnings per Share ($)1,3 |
0.82 |
|
0.58 |
|
41% |
|
3.34 |
|
2.46 |
|
36% |
|
Adjusted Diluted Earnings per Share ($)1,3 |
0.76 |
|
0.54 |
|
41% |
|
3.07 |
|
2.31 |
|
33% |
- These are non-IFRS financial measures. See Appendix 1 “Non-IFRS
Financial Measures and Key Performance Indicators” for additional
information and for a reconciliation of each such IFRS measure to
its most directly comparable non-IFRS measure. The Group changed
the labelling of its non-IFRS measures during 2024 to better align
to the equivalent IFRS reported metric and enhance transparency and
comparability.
- During 2023 an impairment of goodwill was recorded against the
Volatility Performance Fund S.A. CGU (‘VPF’) . This impairment was
previously disclosed in the Group's discrete Q4 2023 numbers as
part of the Group's Q1 2024 earnings release update. Subsequent to
this, management reassessed the impairment triggers as part of the
Group's interim results and concluded that the impairment triggers
existed also as at 30 June 2023 and restated accordingly.
There has been no impact to the Group's year to date 31 December
2023 impairment, only that the VPF impairment was restated to be
reflected in three months ended Q2 2023 rather than the three
months ended Q4 2023.
- Weighted average number of shares have been restated as
applicable for the Group's reverse share split (refer to Appendix 1
for further detail).
|
|
Conference Call Information:Marex’s management
will host a conference call to discuss the Group's financial
results today, 6 March 2025, 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://edge.media-server.com/mmc/p/59s7enfq.Investor
Day:Marex plans to host an investor day 2 April 2025 in
New York City to provide investors with a further understanding of
its four businesses.Enquiries please
contact:MarexInvestors - Robert Coates
+44 7880 486 329 / rcoates@marex.com |
|
Financial Review
The following table presents summary financial
results and other data as of the dates and for the periods
indicated:
Summary Financial Results
|
|
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
|
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
|
|
| |
|
|
Restated2 |
|
|
|
|
|
|
|
|
|
|
$m |
|
$m |
|
Change |
|
$m |
|
$m |
|
Change |
|
– Net commission income |
226.0 |
|
181.4 |
|
25% |
|
856.1 |
|
704.9 |
|
21% |
|
– Net trading Income |
128.1 |
|
111.5 |
|
15% |
|
492.4 |
|
411.4 |
|
20% |
|
– Net interest income |
62.6 |
|
30.2 |
|
107% |
|
227.1 |
|
121.6 |
|
87% |
|
– Net physical commodities income |
(1.1) |
|
2.5 |
|
(144)% |
|
19.1 |
|
6.7 |
|
185% |
|
Revenue |
415.6 |
|
325.6 |
|
28% |
|
1,594.7 |
|
1,244.6 |
|
28% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
(243.5) |
|
(206.9) |
|
18% |
|
(971.1) |
|
(770.3) |
|
26% |
|
Depreciation and amortisation |
(7.1) |
|
(6.1) |
|
16% |
|
(29.5) |
|
(27.1) |
|
9% |
|
Other expenses |
(90.3) |
|
(71.7) |
|
26% |
|
(306.3) |
|
(237.4) |
|
29% |
|
Impairment of goodwill |
— |
|
— |
|
n.m.3 |
|
— |
|
(10.7) |
|
n.m.3 |
|
Provision for credit losses |
(1.1) |
|
(2.4) |
|
(54)% |
|
1.7 |
|
(7.1) |
|
(124)% |
|
Bargain purchase gain on acquisitions |
— |
|
— |
|
n.m.3 |
|
— |
|
0.3 |
|
n.m.3 |
|
Other income |
4.2 |
|
0.9 |
|
367% |
|
6.3 |
|
3.4 |
|
85% |
|
Share of results in associates and joint ventures |
— |
|
— |
|
n.m.3 |
|
— |
|
0.8 |
|
n.m.3 |
|
Profit Before Tax |
77.8 |
|
39.4 |
|
97% |
|
295.8 |
|
196.5 |
|
51% |
|
Tax |
(21.1) |
|
(11.3) |
|
87% |
|
(77.8) |
|
(55.2) |
|
41% |
|
Profit After Tax |
56.7 |
|
28.1 |
|
102% |
|
218.0 |
|
141.3 |
|
54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit Before Tax |
77.8 |
|
39.4 |
|
97% |
|
295.8 |
|
196.5 |
|
51% |
|
Goodwill impairment charge2 |
— |
|
— |
|
n.m.3 |
|
— |
|
10.7 |
|
n.m.3 |
|
Acquisition related costs |
— |
|
1.2 |
|
n.m.3 |
|
— |
|
1.5 |
|
n.m.3 |
|
Amortisation of acquired brands and customer lists |
1.7 |
|
0.7 |
|
143% |
|
5.5 |
|
2.1 |
|
162% |
|
Shareholder related activities |
— |
|
3.4 |
|
n.m.3 |
|
9.3 |
|
9.1 |
|
2% |
|
IPO preparation and public offering of ordinary shares |
1.9 |
|
7.9 |
|
(76)% |
|
10.5 |
|
10.1 |
|
4% |
|
Adjusting items |
3.6 |
|
13.2 |
|
(73)% |
|
25.3 |
|
33.5 |
|
(24)% |
|
Adjusted Profit Before Tax1 |
81.4 |
|
52.6 |
|
55% |
|
321.1 |
|
230.0 |
|
40% |
|
|
- These are non-IFRS financial measures. See Appendix 1 “Non-IFRS
Financial Measures and Key Performance Indicators” for additional
information and for a reconciliation of each such IFRS measure to
its most directly comparable IFRS measure.
- During 2023 an impairment of goodwill was recorded against the
Volatility Performance Fund S.A. CGU (‘VPF’). This impairment was
previously disclosed in the Group's discrete Q4 2023 numbers as
part of the Group's Q1 2024 earnings release update. Subsequent to
this, management reassessed the impairment triggers as part of the
Group's interim results and concluded that the impairment triggers
existed also as at 30 June 2023 and restated accordingly.
There has been no impact to the Group's year to date 31 December
2023 impairment, only that the VPF impairment was restated to be
reflected in three months ended Q2 2023 rather than the three
months ended Q4 2023.
- n.m. = not meaningful to present as a percentage.
Costs and Group Headcount
The Board and Senior Management also monitor costs
split between Front Office Costs and Control and Support Costs to
better understand the Group's performance. The table below provides
the Group's management view of costs:
|
|
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
|
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
|
|
|
|
$m |
|
$m |
|
Change |
|
$m |
|
$m |
|
Change |
|
Front office costs1 |
(231.8) |
|
(188.0) |
|
23% |
|
(881.5) |
|
(690.4) |
|
28% |
|
Control and support costs1 |
(100.1) |
|
(76.0) |
|
32% |
|
(376.1) |
|
(294.2) |
|
28% |
|
Total |
(331.9) |
|
(264.0) |
|
26% |
|
(1,257.6) |
|
(984.6) |
|
28% |
1) Management review Front Office Costs and
Control and Support Costs when assessing Adjusted Profit Before Tax
performance. These costs are included within compensation and
benefits, other expenses and depreciation and amortisation in the
Statutory Income Statement provided above.
The following table provides a breakdown of Front
Office and Control and Support Headcount
|
Full Time Equivalent (‘FTE’) headcount1 |
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|
|
|
Average |
|
Average |
|
Change |
|
End of Year |
|
End of Year |
|
Change |
|
Front Office |
1,250 |
|
1,028 |
|
22% |
|
1,265 |
|
1,195 |
|
6% |
|
Control and Support |
1,084 |
|
886 |
|
22% |
|
1,160 |
|
972 |
|
19% |
|
Total |
2,334 |
|
1,914 |
|
22% |
|
2,425 |
|
2,167 |
|
12% |
1) For analysis purposes, average headcount is used in the
performance commentary outlined below.
Performance for the three months ended 31
December 2024
Revenue grew by 28% to $415.6m (Q4 2023: $325.6m)
with strong organic growth across all businesses driven by robust
client activity, market share gains and supportive market
conditions. We continued to strengthen our position in the market
outpacing growth in overall volumes in almost all markets in which
we operate, particularly in Securities.
Net commission income increased by 25% to $226.0m
(Q4 2023: $181.4m). The growth was driven mainly in Agency and
Execution, which grew 22% to $160.7m (Q4 2023: $131.3m), reflecting
higher client activity in Energy, as well as in Securities, driven
primarily by our acquisition of TD Cowen's prime services business
in December 2023.
Net trading income rose by 15% to $128.1m (Q4 2023:
$111.5m). The growth was driven mainly by Hedging and Investment
Solutions which grew 24% to $52.6m (Q4 2023: $42.3m) as client
demand grew for financial products.
Net interest income increased by 107% to $62.6m (Q4
2023: $30.2m). This growth was primarily driven by higher average
balances.
Front office costs increased by 23% to $231.8m (Q4
2023: $188.0m), largely reflecting a 14% increase in average front
office headcount and increased compensation on higher revenues.
Control and Support costs increased 32% to $100.1m
(Q4 2023: $76.0m), primarily reflecting investment in our Finance,
Risk, Technology and Compliance functions, as we continue to invest
in our systems and processes to support future sustainable
growth.
Reported Profit Before Tax increased by 97% to
$77.8m (Q4 2023: $39.4m), driven by strong revenue growth and
improved operating margins.
Adjusting items reduced by $9.6m to $3.6m (Q3 2023: $13.2m).
These costs are primarily related to corporate activities and are
recognised within our Corporate segment. Adjusting items reduced
mainly due to the non-recurrence of costs incurred in preparation
for and associated with our successful IPO and owner fees in the
prior period.
As a result of the revenue and cost trends noted above, Adjusted
Profit Before Tax1 increased 55% to $81.4m (Q4 2023: $52.6m) and
Adjusted Profit Before Tax Margin1 improved to 20% (Q4 2023: 16%).
In addition, as a result of the revenue, cost trends and adjusting
items noted above, Profit After Tax Margin increased to 14% (Q4
2023: 9%).
Performance for the year ended 31 December
2024
Revenue grew by 28% to $1,594.7m (2023: $1,244.6m)
driven by momentum across all our business, continued market share
gains and a supportive market backdrop. Growth during 2024 was
predominantly organic as we continued to invest in our businesses,
as well as benefiting from the integration of our prior
acquisitions.
Revenue growth was driven by net commission income
which increased by 21% to $856.1m (2023: $704.9m). The increase
occurred mainly in Agency and Execution, which increased by 28%,
reflecting increased customer activity in Energy as well as strong
performance in Credit and our prime services business, which we
acquired from TD Cowen in December 2023. Net commission income also
increased in our Clearing segment, up 11%, driven by our Metals
business.
Net trading income rose by 20% to $492.4m (2023:
$411.4m). Within our Market Making segment net trading income was
significantly higher, primarily from Metals, reflecting exceptional
market conditions and market sentiment in the second quarter across
Copper, Aluminium and Nickel.
Net trading income was also driven by our Hedging
and Investment Solutions business, which increased by 27% to
$210.3m (2023: $165.7m) as demand grew for commodity hedging and
financial products.
Net physical commodities income increased by 185%
to $19.1m (2023: $6.7m). This increase was primarily due to an
increase in sales volumes from physical recycled metal, largely
driven by growth in demand for recycled metals.
Front office costs represent staff, systems and
infrastructure costs associated with running our revenue generating
operations. These costs increased 28% to $881.5m (2023: $690.4m),
largely reflecting a 22% increase in average front office
headcount.
Control and Support Costs primarily reflect staff
and property related costs, along with professional fees and other
administrative expenses associated with support functions. These
costs increased 28% to $376.1m (2023: $294.2m), primarily
reflecting investment in our Finance, Risk, Compliance and
Technology functions, as we continue to invest in our systems and
processes to support future sustainable growth. Total control and
support average FTE grew 22% to 1,084 for 2024 (2023: 886).
Reported Profit Before Tax increased 51% to $295.8m
(2023: $196.5m), driven by strong revenue growth and improved
operating margins.
Adjusting items decreased by 24% to $25.3m (2023:
$33.5m). These costs are primarily related to corporate activities
and are recognised within our Corporate segment. Adjusting items
decreased primarily due to the non-recurrence of goodwill
impairment recognised in 2023. For full year 2024, adjusting items
were mainly costs incurred in preparation for and associated with
our successful IPO, including growth shares, owner fees and
secondary sell down costs.
As a result of the revenue and cost trends noted
above, Adjusted Profit Before Tax1 increased 40% to $321.1m (2023:
$230.0m) and Adjusted Profit Before Tax Margin1 improved to 20%
(2023: 18%) demonstrating our platform's ability to deliver scale
benefits. Profit after Tax Margins increased to 14% (2023:
11%).
Net interest income increased by 87% to $227.1m
(2023: $121.6m). This growth was driven by higher average balances
and investment returns, as well as the acquisition of Cowen's prime
services business in December 2023.
|
|
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
Change |
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
|
Change |
|
Average Fed Funds rate |
4.7% |
|
5.3% |
|
(60)bps |
|
5.2% |
|
5.0% |
|
20bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balances1 |
15.5 |
|
11.3 |
|
4.2 |
|
13.5 |
|
12.9 |
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income ($m) |
185.2 |
|
141.5 |
|
43.7 |
|
702.4 |
|
520.4 |
|
182.0 |
|
Interest paid out ($m) |
(62.4) |
|
(60.6) |
|
(1.8) |
|
(257.7) |
|
(219.0) |
|
(38.7) |
|
Interest on balances ($m) |
122.8 |
|
80.9 |
|
41.9 |
|
444.7 |
|
301.4 |
|
143.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net yield on balances |
3.1% |
|
2.8% |
|
30bps |
|
3.3% |
|
2.3% |
|
100bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average notional debt securities ($bn) |
(3.2) |
|
(2.3) |
|
(0.9) |
|
(2.8) |
|
(2.1) |
|
(0.7) |
|
Yield on debt securities % |
7.5% |
|
8.6% |
|
(110)bps |
|
7.8% |
|
8.4% |
|
(60)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense ($m) |
(60.2) |
|
(50.7) |
|
(9.45) |
|
(217.6) |
|
(179.8) |
|
(37.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income ($m) |
62.6 |
|
30.2 |
|
32.4 |
|
227.1 |
|
121.6 |
|
105.5 |
- Average balances are calculated using an average of the daily
holdings in exchanges, banks and other investments over the period.
Previously, average balances were calculated as the average month
end amount of segregated and non-segregated client balances that
generated interest income over a given period.
Segmental performance
Clearing
Marex provides clearing services across the range
of energy, commodity and financial markets. We face the exchange on
behalf of our clients providing access to 60 exchanges
globally.
Performance for the three months ended 31
December 2024
Our Clearing business performed well with revenue
increasing 48% to $124.7m (Q4 2023: $84.1m). This was driven by net
interest income which rose by 81% to $56.4m (Q4 2023: $31.2m)
primarily reflecting higher average balances, and commission
income.
Adjusted Profit Before Tax1 increased by 68% to $65.8m (Q4 2023:
$39.2m). Adjusted Profit Before Tax Margin1 increased by 600 bps to
53% (Q4 2023: 47%).
Performance for the year ended 31 December
2024
Our Clearing business performed well in 2024,
benefiting from higher levels of client activity on our platform as
we continued to gain market share, with the total number of
contracts cleared up 30% to 1,116.0m in 2024 (2023: 856.0m). This
increase reflects a combination of factors, including an increase
in the number of higher volume clients as well as a larger mix of
clients transacting in financial securities.
Revenue increased 25% to $466.3m (2023: $373.6m),
driven by net interest income which rose by 45% to $198.1m (2023:
$136.2m) as a result of both higher average interest rates in 2024
compared to 2023 and higher average balances. Net commission income
also grew by 11% to $263.0m (2023: $236.2m). Average balances
increased 5% to $13.5bn in 2024 (2023: $12.9bn). This growth was
driven by a record number of new Clearing clients combined with a
high retention of existing clients.
Revenue growth was supported by investment in staff
with average front office headcount increasing by 10% to 278 (2023:
253).
Adjusted Profit Before Tax1 increased by 34% to
$247.3m (2023: $185.0m) while Adjusted Profit Before Tax Margin1
increased by 300bps to 53% (2023: 50%).
|
|
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
|
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
|
|
|
|
$m |
|
$m |
|
Change |
|
$m |
|
$m |
|
Change |
|
Net commission income |
65.6 |
|
52.5 |
|
25% |
|
263.0 |
|
236.2 |
|
11% |
|
Net interest income |
56.4 |
|
31.2 |
|
81% |
|
198.1 |
|
136.2 |
|
45% |
|
Net trading income |
2.7 |
|
0.4 |
|
575% |
|
5.2 |
|
1.2 |
|
333% |
|
Revenue |
124.7 |
|
84.1 |
|
48% |
|
466.3 |
|
373.6 |
|
25% |
|
Front office costs |
(40.2) |
|
(29.2) |
|
38% |
|
(149.2) |
|
(117.1) |
|
27% |
|
Control and support costs |
(18.6) |
|
(15.7) |
|
18% |
|
(69.6) |
|
(67.7) |
|
3% |
|
Recovery/(provision) for credit losses |
— |
|
0.1 |
|
—% |
|
0.1 |
|
(3.6) |
|
(103%) |
|
Depreciation and amortisation |
(0.1) |
|
(0.1) |
|
—% |
|
(0.4) |
|
(0.3) |
|
33% |
|
Other Income and share of results of associates |
0.1 |
|
— |
|
n.m.3 |
|
0.1 |
|
0.1 |
|
n.m.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Profit Before Tax
($m)1 |
65.8 |
|
39.2 |
|
68% |
|
247.3 |
|
185.0 |
|
34% |
|
Adjusted Profit Before Tax Margin1 |
53% |
|
47% |
|
600 bps |
|
53% |
|
50% |
|
300 bps |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Front office headcount (No.)2 |
284 |
|
259 |
|
10% |
|
278 |
|
253 |
|
10% |
|
Contracts cleared (m) |
290.0 |
|
228.0 |
|
27% |
|
1,116.0 |
|
856.0 |
|
30% |
|
Market volumes (m) |
2,853.0 |
|
2,677.0 |
|
7% |
|
11,471.0 |
|
10,220.0 |
|
12% |
- These are non-IFRS financial measures. See Appendix 1 “Non-IFRS
Financial Measures and Key Performance Indicators” for additional
information and for a reconciliation of each such IFRS measure to
its most directly comparable IFRS measure.
- The headcount is the average for the period. Management have
re-assessed headcount for Clearing and Market Making and
re-allocated for FY24, FY23, 4Q24 and 4Q23.
- n.m. = not meaningful to present as a percentage.
Agency and Execution
Agency and Execution provides essential liquidity
and execution services to our clients primarily in the energy and
financial securities markets.
Our energy division provides essential liquidity to
clients by connecting buyers and sellers in the OTC energy markets
to facilitate price discovery. We have leading positions in many of
the markets we operate in, including key gas and power markets in
Europe; environmental, petrochemical and crude markets in North
America; and fuel oil, LPG (liquefied petroleum gas) and
middistillates globally. We achieve this through the breadth and
depth of the service we offer to customers, including market
intelligence for each product we transact in, based on the
extensive knowledge and experience of our teams.
Our presence in the financial markets is growing as
we integrate and optimise recent acquisitions, enabling Marex to
diversify its asset class coverage away from traditional commodity
markets. We are starting to see a maturation of our offering across
all asset classes, contributing to enhanced revenue growth and
margin expansion for the overall business.
Performance for the three months ended 31
December 2024
Revenue increased by 22% to $192.2m (Q4 2023:
$157.9m). This was driven by Securities revenues, up 25% to $119.0m
(Q4 2023: $95.3m) reflecting growth in prime services. There was
also strong organic revenue growth in the quarter, notably in Rates
and FX owing to higher volumes and a new structured rates desk
which commenced in 2024. This was further supplemented by the
strong growth in our Energy business where revenues increased 17%
to $72.7m (Q4 2023: $62.4m), reflecting a combination of increased
activity levels in European Energy markets, good demand for our
environmentals offering and the benefit of our bolt-on
acquisitions.
Adjusted Profit Before Tax1 increased 29% to $37.4m
(Q4 2023: $28.9m) while Adjusted Profit Before Tax Margin1
increased 100 bps to 19% (Q4 2023: 18%).
Performance for the year ended 31 December
2024
Revenue increased by 28% to $695.2m (2023:
$541.5m), reflecting the benefit of recent acquisitions, primarily
the prime services business we acquired from TD Cowen that
completed in December 2023, as well as positive market conditions
in the energy markets.
Energy revenue increased 30% to $286.3m (2023:
$219.8m). This growth was a reflection of strong levels of demand
for our environmentals offering as we continue to support our
clients' transition toward a low carbon economy, investments in new
desks and capabilities and continued improvement in activity levels
in European Energy markets.
Securities revenue increased by 27% to $407.2m
(2023: $319.8m), driven by our prime services business, as well as
growth across Equities, FX and Rates.
Adjusted Profit Before Tax1 increased 50% to
$107.9m (2023: $71.9m) while Adjusted Profit Before Tax Margin1
increased 300bps to 16% (2023: 13%), as we continued to optimise
and integrate our acquisitions.
Average front office headcount increased by 20% to
666 (2023: 553).
|
|
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
|
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
|
|
|
|
$m |
|
$m |
|
Change |
|
$m |
|
$m |
|
Change |
|
Securities |
119.0 |
|
95.3 |
|
25% |
|
407.2 |
|
319.8 |
|
27% |
|
Energy |
72.7 |
|
62.4 |
|
17% |
|
286.3 |
|
219.8 |
|
30% |
|
Other revenue |
0.5 |
|
0.2 |
|
150% |
|
1.7 |
|
1.9 |
|
(11)% |
|
Revenue |
192.2 |
|
157.9 |
|
22% |
|
695.2 |
|
541.5 |
|
28% |
|
Front office costs |
(138.7) |
|
(121.4) |
|
14% |
|
(524.5) |
|
(417.1) |
|
26% |
|
Control and support costs |
(16.5) |
|
(7.5) |
|
120% |
|
(62.0) |
|
(51.1) |
|
21% |
|
Provision for credit losses |
0.2 |
|
(0.3) |
|
—% |
|
(0.1) |
|
(0.9) |
|
(89)% |
|
Depreciation and amortisation |
0.1 |
|
(0.1) |
|
(200)% |
|
(0.8) |
|
(0.8) |
|
0% |
|
Other Income and share of results of associates |
0.1 |
|
0.3 |
|
n.m.3 |
|
0.1 |
|
0.3 |
|
n.m.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Profit Before Tax
($m)1 |
37.4 |
|
28.9 |
|
29% |
|
107.9 |
|
71.9 |
|
50% |
|
Adjusted Profit Before Tax Margin1 |
19% |
|
18% |
|
100 bps |
|
16% |
|
13% |
|
300 bps |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Front office headcount (No.)2 |
657 |
|
603 |
|
9% |
|
666 |
|
553 |
|
20% |
|
Marex volumes: Energy (m) |
13.8 |
|
13.6 |
|
0% |
|
57.4 |
|
44.7 |
|
27% |
|
Marex volumes: Securities (m) |
73.7 |
|
64.7 |
|
14% |
|
295.3 |
|
239.5 |
|
23% |
|
Market volumes: Energy (m) |
442.3 |
|
376.7 |
|
17% |
|
1,721.0 |
|
1,404.8 |
|
22% |
|
Market volumes: Securities (m) |
2,744.0 |
|
2,601.0 |
|
5% |
|
10,920.6 |
|
9,969.6 |
|
10% |
- These are non-IFRS financial measures. See Appendix 1 “Non-IFRS
Financial Measures and Key Performance Indicators” for additional
information and for a reconciliation of each such IFRS measure to
its most directly comparable IFRS measure.
- The headcount is the average for the period.
- n.m. = not meaningful to present as a percentage.
Market Making
Our Market Making business provides direct
liquidity to our clients across a variety of products, primarily in
the energy, metals and agriculture markets. This ability to make
prices and trade as principal in a wide variety of energy,
environmentals and commodity markets differentiates us from many of
our competitors.
Performance for the three months ended 31
December 2024
Revenue increased by 19% to $44.5m (Q4 2023:
$37.5m). Higher revenue in Agriculture, Securities and Energy was
partly offset by a more subdued operating environment in
Metals.
Revenue growth was supported by Front Office
hiring, with average headcount increasing by 14% to 131 (2023:
115).
Adjusted Profit Before Tax1 increased to $9.0m (Q4 2023: $8.3m),
while Adjusted Profit Before Tax Margin1 decreased 200 bps to 20%
(Q4 2023: 22%).
Performance for the year ended 31 December
2024
Revenue increased by 35% to $207.8m (2023:
$153.9m). This was driven by Metals trading which benefited from
unusual market conditions across Copper, Aluminium, Nickel in the
second quarter. While this activity normalised in the third
quarter, we continued to see strong performance. Revenue from
Securities also grew primarily reflecting a stronger performance
from Equities.
Adjusted Profit Before Tax1 increased by 97% to
$65.6m (2023: $33.3m), while Adjusted Profit Before Tax Margin1
increased 10 percentage points to 32% (2023: 22%) reflecting strong
revenue growth.
|
|
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
|
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
|
|
|
|
$m |
|
$m |
|
Change |
|
$m |
|
$m |
|
Change |
|
Metals |
5.7 |
|
26.5 |
|
(78)% |
|
105.9 |
|
69.3 |
|
53% |
|
Agriculture |
15.7 |
|
0.3 |
|
5,133% |
|
33.8 |
|
27.5 |
|
23% |
|
Energy |
12.7 |
|
7.3 |
|
74% |
|
32.5 |
|
31.6 |
|
3% |
|
Securities |
10.4 |
|
3.4 |
|
206% |
|
35.6 |
|
25.5 |
|
40% |
|
Revenue |
44.5 |
|
37.5 |
|
19% |
|
207.8 |
|
153.9 |
|
35% |
|
Front office costs |
(27.2) |
|
(19.9) |
|
37% |
|
(111.4) |
|
(88.5) |
|
26% |
|
Control and support costs |
(8.2) |
|
(9.0) |
|
(9)% |
|
(30.4) |
|
(32.7) |
|
(7)% |
|
Depreciation and amortisation |
(0.1) |
|
(0.1) |
|
0% |
|
(0.4) |
|
(0.3) |
|
33% |
|
Other Income and share of results of associates |
— |
|
(0.2) |
|
n.m.3 |
|
— |
|
0.9 |
|
n.m.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Profit Before Tax
($m)1 |
9.0 |
|
8.3 |
|
8% |
|
65.6 |
|
33.3 |
|
97% |
|
Adjusted Profit Before Tax Margin1 |
20% |
|
22% |
|
(200) bps |
|
32% |
|
22% |
|
1,000 bps |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Front office headcount (No.)2 |
131 |
|
115 |
|
14% |
|
129 |
|
109 |
|
18% |
|
Marex volumes: Metals (m) |
11.3 |
|
6.8 |
|
57% |
|
44.6 |
|
26.8 |
|
67% |
|
Marex volumes: Agriculture (m) |
8.2 |
|
7.1 |
|
14% |
|
35.1 |
|
28.1 |
|
25% |
|
Marex volumes: Energy (m) |
0.7 |
|
0.6 |
|
17% |
|
2.2 |
|
2.1 |
|
0% |
|
Marex volumes: Financials (m) |
0.2 |
|
1.4 |
|
(86)% |
|
1.6 |
|
5.3 |
|
(60)% |
|
Market volumes: Metals (m) |
98.6 |
|
92.4 |
|
8% |
|
422.7 |
|
343.5 |
|
23% |
|
Market volumes: Agriculture (m) |
146.8 |
|
127.9 |
|
15% |
|
581.3 |
|
521.1 |
|
12% |
|
Market volumes: Energy (m) |
442.3 |
|
376.7 |
|
17% |
|
1,721.0 |
|
1,404.8 |
|
22% |
|
Market volumes: Financials (m) |
2,744.0 |
|
2,601.0 |
|
5% |
|
10,920.6 |
|
9,969.6 |
|
10% |
- These are non-IFRS financial measures. See Appendix 1 “Non-IFRS
Financial Measures and Key Performance Indicators” for additional
information and for a reconciliation of each such IFRS measure to
its most directly comparable IFRS measure.
- The headcount is the average for the period. Management have
re-assessed headcount for Clearing and Market Making and
re-allocated for FY24, FY23, 4Q24 and 4Q23.
- n.m. = not meaningful to present as a percentage.
Hedging and Investment
Solutions
Our Hedging and Investment Solutions business
provides high quality bespoke hedging and investment solutions to
our clients.
Tailored commodity hedging solutions enable
corporates to hedge their exposure to movements in energy and
commodity prices, as well as currencies and interest rates, across
a variety of different time horizons.
Our financial products offering allows investors to
gain exposure to a particular market or asset class, for example
equity indices, in a cost-effective manner through
a structured product.
Performance for the three months ended 31
December 2024
Revenue grew 20% to $39.9m (Q4 2023: $33.2m) driven
by an expansion of the sales team leading to the onboarding of new
clients.
Adjusted Profit Before Tax1 increased by 47% to $8.7m (Q4 2023:
$5.9m), while Adjusted Profit Before Tax Margin1 increased by 400
bps to 22% (Q4 2023: 18%).
Performance for the year ended 31 December
2024
Revenue grew 26% to $161.5m (2023: $128.1m) driven by increased
client activity across both businesses. Hedging Solutions increased
12% to $69.2m (2023: $62.0m) benefiting from volatility across
Cocoa and Coffee and favourable market events, while Financial
Products increased 40% to $92.3m (2023: $66.1m) benefiting from
positive investor sentiment and equity market performance. We also
expanded our product coverage with custom index and FX capabilities
and our global footprint which now includes business from Australia
and the Middle East, bringing new clients onto our platform.
Adjusted Profit Before Tax1 increased by 24% to $42.0m (2023:
$33.8m), while Adjusted Profit Before Tax Margin1 remained at 26%
as we continued to invest in the business infrastructure and
distribution network. We have also invested in our people with
average front office headcount up 57% to 177 (2023: 113). Other
income and share or results of associates represents the tax credit
from qualifying research and development costs.
|
|
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
|
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
|
|
|
|
$m |
|
$m |
|
Change |
|
$m |
|
$m |
|
Change |
|
Hedging solutions |
7.7 |
|
16.0 |
|
(52)% |
|
69.2 |
|
62.0 |
|
12% |
|
Financial products |
32.2 |
|
17.2 |
|
87% |
|
92.3 |
|
66.1 |
|
40% |
|
Revenue |
39.9 |
|
33.2 |
|
20% |
|
161.5 |
|
128.1 |
|
26% |
|
Front office costs |
(25.7) |
|
(17.5) |
|
47% |
|
(96.4) |
|
(67.7) |
|
42% |
|
Control and support costs |
(7.3) |
|
(6.1) |
|
20% |
|
(27.2) |
|
(23.7) |
|
15% |
|
Recovery/(provision) for credit losses |
(0.6) |
|
(3.6) |
|
(83)% |
|
2.2 |
|
(3.8) |
|
(158)% |
|
Depreciation and amortisation |
(0.2) |
|
(0.1) |
|
100% |
|
(0.7) |
|
(0.3) |
|
133% |
|
Other Income and share of results of associates |
2.6 |
|
— |
|
n.m.4 |
|
2.6 |
|
1.2 |
|
n.m.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Profit Before Tax
($m)1 |
8.7 |
|
5.9 |
|
47% |
|
42.0 |
|
33.8 |
|
24% |
|
Adjusted Profit Before Tax Margin1 |
22% |
|
18% |
|
400 bps |
|
26% |
|
26% |
|
0 bps |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Front office headcount (No.)2 |
184 |
|
128 |
|
44% |
|
177 |
|
113 |
|
57% |
|
Structured notes balance ($m)3 |
2,667.4 |
|
1,850.4 |
|
44% |
|
2,667.4 |
|
1,850.4 |
|
44% |
- These are non-IFRS financial measures. See Appendix 1 “Non-IFRS
Financial Measures and Key Performance Indicators” for additional
information and for a reconciliation of each such IFRS measure to
its most directly comparable IFRS measure.
- The headcount is the average for the period.
- The structured notes portfolio consisted of 4,029 notes with an
average maturity of 17 months and a total value of $2,667.4m at the
end of 2024 compared to a total value of $1,850.4m in 2023 with an
average maturity of 15 months.
- n.m. = not meaningful to present as a percentage.
Corporate
The Corporate segment includes the Group's control
and support functions. Corporate manages the resources of the
Group, makes investment decisions and provides operational support
to the business segments. Corporate net interest income is derived
through earning interest on house cash balances placed at banks and
exchanges. Revenue in Q4 2024 was $14.3m (Q4 2023: $12.9m), while
full year Revenue in 2024 was $63.9m (2023: $47.5m), driven by net
interest income primarily reflecting higher average balances.
|
|
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
|
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
|
|
|
|
$m |
|
$m |
|
Change |
|
$m |
|
$m |
|
Change |
|
Revenue |
14.3 |
|
12.9 |
|
11% |
|
63.9 |
|
47.5 |
|
35% |
|
Control and support costs4 |
(49.5) |
|
(37.7) |
|
31% |
|
(186.9) |
|
(119.0) |
|
57% |
|
(Provision)/recovery for credit losses |
(0.7) |
|
1.4 |
|
n.m.3 |
|
(0.5) |
|
1.2 |
|
(142%) |
|
Depreciation and amortisation |
(5.1) |
|
(7.0) |
|
(27%) |
|
(21.7) |
|
(25.4) |
|
(15%) |
|
Other Income and share of results of associates |
1.4 |
|
0.7 |
|
100% |
|
3.5 |
|
1.7 |
|
106% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Loss Before Tax
($m)1 |
(39.6) |
|
(29.7) |
|
33% |
|
(141.7) |
|
(94.0) |
|
51% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Control and support headcount (No.)2 |
1,145 |
|
947 |
|
21% |
|
1,084 |
|
886 |
|
22% |
- These are non-IFRS financial measures. See Appendix 1 “Non-IFRS
Financial Measures and Key Performance Indicators” for additional
information and for a reconciliation of each such IFRS measure to
its most directly comparable IFRS measure.
- The headcount is the average for the period.
- n.m. = not meaningful to present as a percentage
- Control and support costs are presented on an unallocated
basis.
Summary Financial Position
The Group’s equity base increased during the year
with total equity increasing by $201.0m, 26% to $976.9m as a result
of strong profitability during the year and an increase in the
share premium balance reflecting the primary issuance of shares as
part of the IPO.
Total assets and total liabilities have grown
significantly during 2024 as a result of client activity driving
customer balances and in addition our funding activities to support
this increase. Our balance sheet continues to consist of
high-quality liquid assets which underpin client activity on our
platform. Total assets increased from $17.6bn as at 31 December
2023 to $24.3bn as at 31 December 2024 with the growth largely due
to the increase in the Securities, Cash and liquid assets, balances
with exchanges offset by a reduction in the reverse repurchase
agreement balances.
Securities balances increased to $6.5bn, up $2.5bn
from December 2023 driven by hedging activity to support our prime
brokerage clients and increased stock lending activity within our
Agency and Execution business.
Cash and liquid assets increased by $1.7bn
primarily reflecting cash placed by clients, the Group's US Senior
issuance and growth in structured notes issuance under the
Financial Products Program.
|
|
31 December 2024 |
|
31 December 2023 |
|
|
| |
|
|
Restated1 |
|
|
|
|
$m |
|
$m |
|
Change |
|
Cash & Liquid Assets² |
6,213.0 |
|
4,465.9 |
|
39% |
|
Trade Receivables |
7,553.2 |
|
4,789.8 |
|
58% |
|
Reverse Repo Agreements |
2,490.4 |
|
3,199.8 |
|
(22%) |
|
Securities³ |
6,459.7 |
|
4,022.7 |
|
61% |
|
Derivative Instruments |
1,163.5 |
|
655.6 |
|
77% |
|
Other Assets⁴ |
199.7 |
|
258.2 |
|
(23%) |
|
Goodwill and Intangibles |
233.0 |
|
219.6 |
|
6% |
|
Total Assets |
24,312.5 |
|
17,611.6 |
|
38% |
|
Trade Payables |
9,740.4 |
|
6,785.9 |
|
44% |
|
Repurchase Agreements |
2,305.8 |
|
3,118.9 |
|
(26%) |
|
Securities⁵ |
6,656.7 |
|
4,248.1 |
|
57% |
|
Debt Securities |
3,604.5 |
|
2,216.3 |
|
63% |
|
Derivative Instruments |
751.7 |
|
402.2 |
|
87% |
|
Other Liabilities⁶ |
276.5 |
|
64.3 |
|
330% |
|
Total Liabilities |
23,335.6 |
|
16,835.7 |
|
39% |
|
Total Equity |
976.9 |
|
775.9 |
|
26% |
- Prior period
comparatives have been restated. Refer to note 3(b) and note 37 in
our Group Annual Report for further information.
- Cash & Liquid
Assets are cash and cash equivalents, treasury instruments pledged
as collateral, treasury instruments unpledged and fixed income
securities.
- Securities assets
are equity instruments and stock borrowing.
- Other Assets are
inventory, corporate income tax receivable, deferred tax,
investments, right-of-use assets, and property plant and
equipment.
- Securities
liabilities are stock lending and short securities.
- Other Liabilities
are short term borrowings, deferred tax liability, lease liability,
provisions and corporation tax.
Liquidity
|
|
31 December |
|
31 December |
|
|
2024 |
|
2023 |
|
|
$m |
|
$m |
|
Total available liquid resources |
2,439.8 |
|
1,369.8 |
|
Liquidity headroom |
1,060.0 |
|
738.8 |
A prudent approach to capital and liquidity and
commitment to maintaining an investment grade credit rating are
core principles which underpin the successful delivery of our
growth strategy. As at 31 December 2024, the Group held $2,439.8m
of total available liquid resources, including the undrawn portion
of the RCF (2023: $1,369.8m).
Group liquidity resources consist of cash and
high-quality liquid assets that can be quickly converted to meet
immediate and short-term obligations. The resources include
non-segregated cash, short-term money market funds and unencumbered
securities guaranteed by the U.S. Government. The Group also
includes any undrawn portion of its committed revolving credit
facility (‘RCF’) in its total available liquid resources. The
unsecured revolving credit facility of $150m remains undrawn as at
31 December 2024 (2023: $150m, undrawn). Facilities held by
operating subsidiaries, and which are only available to that
relevant subsidiary, have been excluded from these figures as they
are not available to the entire Group.
Liquidity headroom is based on the Group’s Liquid
Asset Threshold Requirement, which is prepared according to the
principles of the UK Investment Firms Prudential Regime (IFPR). The
requirement includes a liquidity stress impact calculated from a
combination of systemic and idiosyncratic risk factors.
In October, the Group successfully completed an
offering of $600m 5-year senior unsecured notes, further
diversifying its funding sources and supporting future growth. The
notes have a coupon of 6.404%, mature in November 2029 and have
been rated BBB- by both S&P and Fitch. This latest senior note
issuance adds to the existing €300m notes issued in February 2023
under the Euro MTN programme.
Regulatory capital
The Group is subject to consolidated supervision by
the UK Financial Conduct Authority and has regulated subsidiaries
in jurisdictions both inside and outside of the UK.
The Group is regulated as a MIFIDPRU investment
firm under IFPR. The minimum capital requirement as at 31 December
2024 was determined by the Own Funds Threshold Requirement (‘OFTR’)
set via an assessment of the Group’s capital adequacy and risk
assessment conducted annually.
The Group and its subsidiaries are in compliance
with their regulatory requirements and are appropriately
capitalised relative to the minimum requirements as set by the
relevant competent authority. The Group maintained a capital
surplus over its regulatory requirements at all times.
The Group manages its capital structure in order to
comply with regulatory requirements, ensuring its capital base is
more than adequate to cover the risks inherent in the business and
to maximise shareholder value through the strategic deployment of
capital to support the Group’s growth and strategic development.
The Group performs business model assessment, business and capital
forecasting, stress testing and recovery planning at least
annually. The following table summarises the Group’s capital
position as at 31 December 2024 and 2023:
|
|
31 December2024 |
|
31 December2023 |
|
|
$m |
|
$m |
|
Core equity Tier 1 Capital1 |
623.9 |
|
437.7 |
|
Additional Tier 1 Capital (net of issuance costs) |
97.6 |
|
97.6 |
|
Tier 2 Capital |
1.6 |
|
3.1 |
|
Total Capital resources |
723.1 |
|
538.4 |
|
|
|
|
|
|
|
|
|
|
|
Own Funds Threshold Requirement2 |
308.8 |
|
235.1 |
|
Total Capital ratio3 |
234% |
|
229% |
- The own funds threshold requirement is the amount of own funds
(i.e. capital) that a firm needs to hold at any given time to
comply with the overall financial adequacy rule under the
Investment Firm Prudential Regulation. The overall financial
adequacy rule requires a firm to hold the amount of own funds for
its ongoing business operations, taking into account potential
periods of financial stress during the economic cycle. This is
determined based on Group’s latest annual internal assessment.
- Own Funds Requirement presented as Own Funds Threshold
Requirement based on the latest approved Group Internal Capital
Assessment.
- The Group’s total capital resources as a percentage of Own
Funds Requirement.
At 31 December 2024, the Group had a Total Capital
Ratio of 234% (2023: 229%), representing significant capital
headroom to minimum requirements. The increase in the Total Capital
Ratio resulted from an increase in total capital resources due to
profit (unaudited) in 2024.
Dividend
The Board of Directors approved an interim dividend
of $0.14 per share, expected to be paid on 31 March 2025 to
shareholders on record as at close of business on 17 March
2025.
Forward looking statements:
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements contained in this press release
that do not relate to matters of historical fact should be
considered forward-looking statements, including expected financial
results and Adjusted Profit Before Tax and Reported Profit Before
Tax, expected growth and business plans, expected investments and
dividend payments. In some cases, these forward-looking statements
can be identified by words or phrases such as “may,” “will,”
“expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,”
“believe,” “potential,” “continue,” “is/are likely to” or other
similar expressions.
These forward-looking statements are subject to
risks, uncertainties and assumptions, some of which are beyond our
control. In addition, these forward-looking statements reflect our
current views with respect to future events and are not a guarantee
of future performance. Actual outcomes may differ materially from
the information contained in the forward-looking statements as a
result of a number of factors, including, without limitation:
subdued commodity market activity or pricing levels; the effects of
geopolitical events, terrorism and wars, such as the effect of
Russia’s military action in Ukraine, on market volatility, global
macroeconomic conditions and commodity prices; changes in interest
rate levels; the risk of our clients and their related financial
institutions defaulting on their obligations to us; regulatory,
reputational and financial risks as a result of our international
operations; software or systems failure, loss or disruption of data
or data security failures; an inability to adequately hedge our
positions and limitations on our ability to modify contracts and
the contractual protections that may be available to us in OTC
derivatives transactions; market volatility, reputational risk and
regulatory uncertainty related to commodity markets, equities,
fixed income, foreign exchange and cryptocurrency; the impact of
climate change and the transition to a lower carbon economy on
supply chains and the size of the market for certain of our energy
products; the impact of changes in judgments, estimates and
assumptions made by management in the application of our accounting
policies on our reported financial condition and results of
operations; lack of sufficient financial liquidity; if we fail to
comply with applicable law and regulation, we may be subject to
enforcement or other action, forced to cease providing certain
services or obliged to change the scope or nature of our
operations; significant costs, including adverse impacts on our
business, financial condition and results of operations, and
expenses associated with compliance with relevant regulations; and
if we fail to remediate the material weaknesses we identified in
our internal control over financial reporting or prevent material
weaknesses in the future, the accuracy and timing of our financial
statements may be impacted, which could result in material
misstatements in our financial statements or failure to meet our
reporting obligations and subject us to potential delisting,
regulatory investments or civil or criminal sanctions, and other
risks discussed under the caption “Risk Factors” in our final
prospectus filed pursuant to 424(b)(4) with the Securities and
Exchange Commission (the “SEC”) on 31 October 2024 and our other
reports filed with the SEC.
The forward-looking statements made in this press
release relate only to events or information as of the date on
which the statements are made in this press release. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
In addition, statements that “we believe” and
similar statements reflect our beliefs and opinions on the relevant
subject. These statements are based upon information available to
us as of the date of this press release, and while we believe such
information forms a reasonable basis for such statements, such
information may be limited or incomplete, and our statements should
not be read to indicate that we have conducted an exhaustive
inquiry into, or review of, all potentially available relevant
information. These statements are inherently uncertain, and
investors are cautioned not to unduly rely upon these
statements.
Appendix 1
Non-IFRS Financial Measures and Key
Performance Indicators
This press release contains non-IFRS financial
measures, including Adjusted Profit Before Tax, Adjusted Profit
Before Tax Margin, Adjusted Earnings per Share, Adjusted Diluted
Earnings per Share, Adjusted Profit After Tax Attributable to
Common Equity and Adjusted Return on Equity. These non-IFRS
financial measures are presented for supplemental informational
purposes only and should not be considered a substitute for profit
after tax, profit margin, return on equity or any other financial
information presented in accordance with IFRS and may be different
from similarly titled non-IFRS financial measures used by other
companies. The Group changed the labelling of its non-IFRS measures
during 2024 to better align to the equivalent IFRS reported metric
and enhance transparency and comparability.
Adjusted Profit Before Tax (formerly
labelled Adjusted Operating Profit)
We define Adjusted Profit Before Tax as profit
after tax adjusted for (i) tax, (ii) goodwill impairment charges,
(iii) acquisition costs, (iv) bargain purchase gains, (v) owner
fees, (vi) amortisation of acquired brands and customer lists,
(vii) activities in relation to shareholders, (viii) employer tax
on the vesting of Growth Shares, (ix) IPO preparation costs and (x)
fair value of the cash settlement option on the Growth Shares.
Items (i) to (x) are referred to as “Adjusting Items.” Adjusted
Profit Before Tax is the primary measure used by our management to
evaluate and understand our underlying operations and business
trends, forecast future results and determine future capital
investment allocations. Adjusted Profit Before Tax is the measure
used by our executive board to assess the financial performance of
our business in relation to our trading performance. The most
directly comparable IFRS Accounting Standards measure is profit
after tax. We believe Adjusted Profit Before Tax is a useful
measure as it allows management to monitor our ongoing core
operations and provides useful information to investors and
analysts regarding the net results of the business. The core
operations represent the primary trading operations of the
business.
Adjusted Profit Before Tax Margin (formerly
labelled Adjusted Operating Profit Margin)
We define Adjusted Profit Before Tax Margin as
Adjusted Profit Before Tax (as defined above) divided by revenue.
We believe that Adjusted Profit Before Tax Margin is a useful
measure as it allows management to assess the profitability of our
business in relation to revenue. The most directly comparable IFRS
Accounting Standards measure is profit margin, which is Profit
after Tax divided by revenue.
Adjusted Profit After Tax Attributable to
Common Equity (formerly labelled Adjusted Operating Profit after
Tax Attributable to Common Equity)
We define Adjusted Profit After Tax Attributable to
Common Equity as profit after tax adjusted for the items outlined
in the Adjusted Profit Before Tax paragraph above. Additionally,
Adjusted Profit After Tax Attributable to Common Equity is also
adjusted for (i) tax and the tax effect of the Adjusting Items to
calculate Adjusted Profit Before Tax and (ii) profit attributable
to Additional Tier 1 (“AT1”) note holders, net of tax, which is the
coupons on the AT1 issuance and accounted for as dividends,
adjusted for the tax benefit of the coupons. We define Common
Equity as being the equity belonging to the holders of the Group’s
share capital. We believe Adjusted Profit After Tax Attributable to
Common Equity is a useful measure as it allows management to assess
the profitability of the equity belonging to the holders of the
Group’s share capital. The most directly comparable IFRS Accounting
Standards measure is profit after tax.
Adjusted Return on Equity (formerly
labelled Return on Adjusted Operating Profit after Tax Attributable
to Common Equity)
We define the Adjusted Return on Equity as the
Adjusted Profit After Tax Attributable to Common Equity (as defined
above) divided by the average Common Equity for the period. Common
Equity is defined as being the equity belonging to the holders of
the Group’s share capital. Common Equity is calculated as the
average balance of total equity minus additional Tier 1 capital.
For the years ended 31 December 2024, Common Equity is calculated
as the average balance of total equity minus additional Tier 1
capital as at 31 December of the prior year, 31 March, 30 June, 30
September and 31 December of the current year. For the year ended
31 December 2023, Common Equity is calculated as the average
balance of total equity minus additional Tier 1 capital as at 31
December of the prior year and 31 December of the current year. For
the three months ended 31 December 2024 and 2023 Common Equity is
calculated as the average of 30 September and 31 December of the
current period. For the years ended 31 December 2024 and 2023,
Return on Adjusted Profit After Tax Attributable to Common Equity
is calculated as Adjusted Profit After Tax Attributable to Common
Equity for the year divided by average Common Equity for the year.
For the three months ended 31 December 2024 and 2023, Adjusted
Return on Equity is calculated for comparison purposes on an
annualised basis as Adjusted Profit After Tax Attributable to
Common Equity for the period multiplied by four and then divided by
average Common Equity for the period. It is presented on an
annualised basis for comparison purposes.
We believe Adjusted Return on Equity is a useful
measure as it allows management to assess the return on the equity
belonging to the holders of the Group’s share capital. The most
directly comparable IFRS Accounting Standards measure for Adjusted
Return on Equity is return on equity, which is calculated as profit
after tax for the period divided by average equity. Average equity
for the years ended 31 December 2024 and 2023 is calculated as the
average of total equity s at 31 December of the prior year, 31
March, 30 June, 30 September and 31 December of the current year.
For the three months ended 31 December 2024 and 2023 Average Equity
is calculated as the average of 30 September and 31 December of the
current year. For the years ended 31 December 2024 and 2023, return
on equity is calculated as profit after tax for the year divided by
Average Equity for the year. For the three months ended 31 December
2024 and 2023, Adjusted Return on Equity is calculated for
comparison purposes on an annualised basis as Adjusted Profit After
Tax Attributable to Equity for the period multiplied by four and
then divided by Average Equity for the period. It is presented on
an annualised basis for comparison purposes.
Adjusted Basic Earnings per Share and
Adjusted Diluted Earnings per Share
Adjusted Basic Earnings per Share is defined as the
Adjusted Profit After Tax Attributable to Common Equity (as defined
above) for the period divided by weighted average number of
ordinary shares for the period. We believe Adjusted Basic Earnings
per Share is a useful measure as it allows management to assess the
profitability of our business per share. The most directly
comparable IFRS Accounting Standards metric is basic earnings per
share. This metric has been designed to highlight the Adjusted
Profit After Tax Attributable to Common Equity over the available
share capital of the Group. Adjusted Diluted Earnings per Share is
defined as the Adjusted Profit After Tax Attributable to Common
Equity for the period divided by the diluted weighted average
shares for the period. We believe Adjusted Diluted Earnings per
Share is a useful measure as it allows management to assess the
profitability of our business per share on a diluted basis.
Dilution is calculated in the same way as it has been for diluted
earnings per share. The most directly comparable IFRS Accounting
Standards metric is diluted earnings per share.
We believe that these non-IFRS financial measures
provide useful information to both management and investors by
excluding certain items that management believes are not indicative
of our ongoing operations. Our management uses these non-IFRS
financial measures to evaluate our business strategies and to
facilitate operating performance comparisons from period to period.
We believe that these non-IFRS financial measures provide useful
information to investors because they improve the comparability of
our financial results between periods and provide for greater
transparency of key measures used to evaluate our performance. In
addition these non-IFRS financial measures are frequently used by
securities analysts, investors and other interested parties in
their evaluation of companies comparable to us, many of which
present related performance measures when reporting their
results.
These non-IFRS financial measures are used by
different companies for differing purposes and are often calculated
in different ways that reflect the circumstances of those
companies. In addition, certain judgments and estimates are
inherent in our process to calculate such non-IFRS financial
measures. You should exercise caution in comparing these non-IFRS
financial measures as reported by other companies.
These non-IFRS financial measures have limitations
as analytical tools, and you should not consider them in isolation
or as substitutes for analysis of our results as reported under
IFRS Accounting Standards. Some of these limitations are:
- they do not reflect
costs incurred in relation to the acquisitions that we have
undertaken;
- they do not reflect
impairment of goodwill;
- other companies in
our industry may calculate these measures differently than we do,
limiting their usefulness as comparative measures; and
- the adjustments
made in calculating these non-IFRS financial measures are those
that management considers to be not representative of our core
operations and, therefore, are subjective in nature.
Accordingly, prospective investors should not place
undue reliance on these non-IFRS financial measures.
We also use key performance indicators (“KPIs”)
such as Average Balances, Trades Executed, and Contracts Cleared to
assess the performance of our business and believe that these KPIs
provide useful information to both management and investors by
showing the growth of our business across the periods
presented.
Our management uses these KPIs to evaluate our
business strategies and to facilitate operating performance
comparisons from period to period. We define certain terms used in
this release as follows:
“FTE” means the number of our full-time equivalents
as of the end of a given period, which includes permanent employees
and contractors.
“Average FTE” means the average number of our
full-time equivalents over the period, including permanent
employees and contractors.
“Average Balances” means the average of the daily
holdings in exchanges, banks and other investments over the period.
Previously, average balances were calculated as the average month
end amount of segregated and non-segregated client balances that
generated interest income over a given period.
“Trades Executed” means the total number of trades
executed on our platform in a given year.
“Total Capital Ratio” means our total capital
resources in a given period divided by the capital requirement for
such period under the IFPR.
“Contracts Cleared” means the total number of
contracts cleared in a given period.
"Market Volumes" are calculated as follows:
- All
volumes traded on Marex key exchanges (CBOT, CME, Eurex,
Euronext, ICE, LME, NYMEX COMEX, SGX)
- Energy
volumes on CBOT, Eurex, ICE, NYMEX, SGX
- Financial
securities (corporate bonds, equities, FX, repo,
volatility) on CBOE, CBOT, CME, Eurex, Euronext, ICE, SGX
- Metals, agriculture
and energy volumes on CBOT, CME, Eurex, Euronext, ICE, LME,
NYMEX COMEX, SGX
Reconciliation of Non-IFRS Financial Measures and Key
Performance Indicators:
|
|
3 months ended 31 December 2024 |
|
3 months ended 31 December 2023 |
|
Year ended 31 December 2024 |
|
Year ended 31 December 2023 |
| |
|
|
Restated1 |
|
|
|
|
|
|
$m |
|
$m |
|
$m |
|
$m |
|
Profit After Tax |
56.7 |
|
28.1 |
|
218.0 |
|
141.3 |
|
Taxation charge |
21.1 |
|
11.3 |
|
77.8 |
|
55.2 |
|
Profit Before Tax |
77.8 |
|
39.4 |
|
295.8 |
|
196.5 |
|
Goodwill impairment charge1 |
— |
|
— |
|
— |
|
10.7 |
|
Bargain purchase gains2 |
— |
|
— |
|
— |
|
(0.3) |
|
Acquisition costs3 |
— |
|
1.2 |
|
— |
|
1.8 |
|
Amortisation of acquired brands and customer lists4 |
1.7 |
|
0.7 |
|
5.5 |
|
2.1 |
|
Activities relating to shareholders5 |
— |
|
2.2 |
|
2.4 |
|
3.1 |
|
Employer tax on vesting of the growth shares6 |
— |
|
— |
|
2.2 |
|
— |
|
Owner fees7 |
— |
|
1.2 |
|
2.4 |
|
6.0 |
|
IPO preparation costs8 |
— |
|
7.9 |
|
8.6 |
|
10.1 |
|
Fair value of the cash settlement option on the growth shares9 |
— |
|
— |
|
2.3 |
|
— |
|
Public offering of ordinary shares10 |
1.9 |
|
— |
|
1.9 |
|
— |
|
Adjusted Profit Before Tax |
81.4 |
|
52.6 |
|
321.1 |
|
230.0 |
|
Tax and the tax effect on the Adjusting Items11 |
(20.43) |
|
(11.1) |
|
(76.8) |
|
(54.1) |
|
Profit attributable to AT1 note holders12 |
(3.3) |
|
(3.3) |
|
(13.3) |
|
(13.3) |
|
Adjusted Profit After Tax Attributable to Common
Equity |
57.8 |
|
38.2 |
|
231.0 |
|
162.6 |
|
|
|
|
|
|
|
|
|
|
Profit after Tax Margin |
14% |
|
9% |
|
14% |
|
11% |
|
Adjusted Profit Before Tax
Margin13 |
20% |
|
16% |
|
20% |
|
18% |
| |
|
|
|
|
|
|
|
|
Basic Earnings per Share ($) |
0.76 |
|
0.37 |
|
2.96 |
|
1.94 |
|
Diluted Earnings per Share ($) |
0.70 |
|
0.35 |
|
2.72 |
|
1.82 |
| |
|
|
|
|
|
|
|
|
Adjusted Basic Earnings per Share
($)14 |
0.82 |
|
0.58 |
|
3.34 |
|
2.46 |
|
Adjusted Diluted Earnings per Share
($)15 |
0.76 |
|
0.54 |
|
3.07 |
|
2.31 |
| |
|
|
|
|
|
|
|
|
Common
Equity16 |
870.7 |
|
662.6 |
|
775.6 |
|
629.2 |
|
Return on Equity |
23% |
|
15% |
|
25% |
|
19% |
|
Adjusted Return on Equity (%) |
27% |
|
23% |
|
30% |
|
26% |
- Goodwill impairment charges in 2023 relates to the impairment
recognised for goodwill relating to the Volatility Performance Fund
S.A. CGU (‘VPF’) largely due to declining projected revenue.
- A bargain purchase gain was recognised as a result of the
ED&F Man Capital Markets division acquisition.
- Acquisition costs are costs, such as legal fees incurred in
relation to the business acquisitions of ED&F Man Capital
Markets business, the OTCex group and Cowen's prime services and
Outsourced Trading business.
- This represents the amortisation charge for the period of
acquired brands and customers lists.
- Activities in relation to shareholders primarily consist of
dividend-like contributions made to participants within certain of
our share-based payments schemes.
- Employer tax on vesting of the growth shares represents the
Group's tax charge arising from the vesting of the growth
shares.
- Owner fees relate to management services fees paid to parties
associated with the ultimate controlling party based on a
percentage of our EBITDA in each year, presented in the income
statement within other expenses.
- IPO preparation costs related to consulting, legal and audit
fees, presented in the income statement within other expenses.
- Fair value of the cash settlement option on the growth shares
represents the fair value liability of the growth shares at $2.3m.
Subsequent to the initial public offering when the holders of the
growth shares elected to settle the awards in ordinary shares, the
liability was derecognised.
- Costs relating to the public offerings of ordinary shares by
certain selling shareholders.
- Tax and the tax effect on the Adjusting Items represents the
tax for the period and the tax effect of the other Adjusting Items
removed from Profit After Tax to calculate Adjusted Profit Before
Tax. The tax effect of the other Adjusting Items was calculated at
the Group’s effective tax rate for the respective period.
- Profit attributable to AT1 note holders are the coupons on the
AT1 issuance, which are accounted for as dividends.
- Adjusted Profit Before Tax Margin is calculated by dividing
Adjusted Profit Before Tax (as defined above) by revenue for the
period.
- The weighted average numbers of shares used in the calculation
for the years ended 31 December 2024 and 2023 were 69,231,625 and
66,018, 514 respectively. The weighted average numbers of shares
used in the calculation for the three months ended 31 December 2024
and 2023 were 70,290,886 and 66,018,514 respectively. Weighted
average number of shares have been restated as applicable for the
Group's reverse share split.
- The weighted average numbers of diluted shares used in the
calculation for the years ended 31 December 2024 and 2023 were
75,279,454 and 70,323,467 respectively. The weighted average
numbers of shares used in the calculation for the three months
ended 31 December 2024 and 2023 were 76,338,715 and 70,323,467
respectively. Weighted average number of shares have been restated
as applicable for the Group's reverse share split.
- Common Equity is calculated as the average balance of total
equity minus additional Tier 1 capital. For the years ended 31
December 2024, Adjusted Return on Equity is calculated as the
average balance of total equity minus additional Tier 1 capital, as
at 31 December of the prior year, 31 March, 30 June, 30 September
and 31 December of the current year. For the years ended 31
December 2023, Adjusted Return on Equity is calculated as the
average balance of total equity minus additional Tier 1 capital, as
at 31 December of the prior year and 31 December of the current
year. For the three months ended 31 December 2024 and 2023 Common
Equity is calculated as the average of 30 September and 31 December
of the current period.
Appendix 2 - Supplementary Financial
Information
Revenue
The following tables presents the Group's segmental
revenue for the periods indicated:
|
3 months ended 31 December 2024 |
Clearing |
|
Agency and Execution |
|
Market Making |
|
Hedging and Investment Solutions |
|
Corporate |
|
Total |
|
|
$m |
|
$m |
|
$m |
|
$m |
|
$m |
|
$m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net commission income/(expense) |
65.6 |
|
160.7 |
|
(0.3) |
|
— |
|
— |
|
226.0 |
|
Net trading income |
2.7 |
|
21.1 |
|
51.7 |
|
52.6 |
|
— |
|
128.1 |
|
Net interest income/(expense) |
56.4 |
|
9.5 |
|
(4.9) |
|
(12.7) |
|
14.3 |
|
62.6 |
|
Net physical commodities income |
— |
|
0.9 |
|
(2.0) |
|
— |
|
— |
|
(1.1) |
|
Revenue |
124.7 |
|
192.2 |
|
44.5 |
|
39.9 |
|
14.3 |
|
415.6 |
|
3 months ended 31 December 2023 |
Clearing |
|
Agency and Execution |
|
Market Making |
|
Hedging and Investment Solutions |
|
Corporate |
|
Total |
|
|
$m |
|
$m |
|
$m |
|
$m |
|
$m |
|
$m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net commission income/(expense) |
52.5 |
|
131.3 |
|
(2.4) |
|
— |
|
— |
|
181.4 |
|
Net trading income/(expense) |
0.4 |
|
23.2 |
|
45.9 |
|
42.3 |
|
(0.3) |
|
111.5 |
|
Net interest income/(expense) |
31.2 |
|
3.4 |
|
(8.5) |
|
(9.1) |
|
13.2 |
|
30.2 |
|
Net physical commodities income |
— |
|
— |
|
2.5 |
|
— |
|
— |
|
2.5 |
|
Revenue |
84.1 |
|
157.9 |
|
37.5 |
|
33.2 |
|
12.9 |
|
325.6 |
|
Year ended 31 December 2024 |
Clearing |
|
Agency and Execution |
|
Market Making |
|
Hedging and Investment Solutions |
|
Corporate |
|
Total |
|
|
$m |
|
$m |
|
$m |
|
$m |
|
$m |
|
$m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net commission income/(expense) |
263.0 |
|
597.1 |
|
(4.0) |
|
— |
|
— |
|
856.1 |
|
Net trading income |
5.2 |
|
61.3 |
|
215.6 |
|
210.3 |
|
— |
|
492.4 |
|
Net interest income/(expense) |
198.1 |
|
34.6 |
|
(20.7) |
|
(48.8) |
|
63.9 |
|
227.1 |
|
Net physical commodities income |
— |
|
2.2 |
|
16.9 |
|
— |
|
— |
|
19.1 |
|
Revenue |
466.3 |
|
695.2 |
|
207.8 |
|
161.5 |
|
63.9 |
|
1,594.7 |
|
Year ended 31 December 2023 |
Clearing |
|
Agency and Execution |
|
Market Making |
|
Hedging and Investment Solutions |
|
Corporate |
|
Total |
|
|
$m |
|
$m |
|
$m |
|
$m |
|
$m |
|
$m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net commission income/(expense) |
236.2 |
|
473.4 |
|
(4.7) |
|
— |
|
— |
|
704.9 |
|
Net trading income/(expense) |
1.2 |
|
62.1 |
|
182.8 |
|
165.7 |
|
(0.4) |
|
411.4 |
|
Net interest income/(expense) |
136.2 |
|
6.0 |
|
(30.9) |
|
(37.6) |
|
47.9 |
|
121.6 |
|
Net physical commodities income |
— |
|
— |
|
6.7 |
|
— |
|
— |
|
6.7 |
|
Revenue |
373.6 |
|
541.5 |
|
153.9 |
|
128.1 |
|
47.5 |
|
1,244.6 |
Consolidated Income Statement
For the Year Ended 31 December
2024
|
|
|
2024 |
2023 |
| |
|
$m |
$m |
|
Commission and fee income |
|
1,618.1 |
1,342.4 |
|
Commission and fee expense |
|
(762.0) |
(637.5) |
|
Net commission income |
|
856.1 |
704.9 |
|
Net trading income |
|
492.4 |
411.4 |
|
Interest income |
|
765.2 |
591.8 |
|
Interest expense |
|
(538.1) |
(470.2) |
|
Net interest income |
|
227.1 |
121.6 |
|
Net physical commodities income |
|
19.1 |
6.7 |
|
Revenue |
|
1,594.7 |
1,244.6 |
|
|
|
|
|
|
Expenses: |
|
|
|
|
Compensation and benefits |
|
(971.1) |
(770.3) |
|
Depreciation and amortisation |
|
(29.5) |
(27.1) |
|
Other expenses |
|
(306.3) |
(237.4) |
|
Impairment of goodwill |
|
— |
(10.7) |
|
Provision for credit losses |
|
1.7 |
(7.1) |
|
Bargain purchase gain on acquisitions |
|
— |
0.3 |
|
Other income |
|
6.3 |
3.4 |
|
Share of results in associates and joint
ventures |
|
— |
0.8 |
|
Profit before tax |
|
295.8 |
196.5 |
|
Tax |
|
(77.8) |
(55.2) |
|
Profit after tax |
|
218.0 |
141.3 |
|
|
|
|
|
Consolidated Statement of Financial
Position
As at 31 December 2024
|
|
|
31 December |
31 December |
| |
|
2024 |
2023 |
| |
|
$m |
$m |
|
|
|
|
Restated1 |
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Goodwill |
|
176.5 |
163.6 |
|
Intangible assets |
|
56.5 |
56.0 |
|
Property, plant and equipment |
|
20.8 |
16.6 |
|
Right-of-use asset |
|
59.9 |
40.6 |
|
Investments |
|
24.0 |
16.2 |
|
Deferred tax |
|
46.7 |
21.4 |
|
Treasury instruments (unpledged) |
|
53.5 |
60.8 |
|
Treasury instruments (pledged as collateral) |
|
46.1 |
300.4 |
|
Total non-current assets |
|
484.0 |
675.6 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Corporate income tax receivable |
|
12.5 |
0.1 |
|
Trade and other receivables |
|
7,553.2 |
4,789.8 |
|
Inventory |
|
35.8 |
163.4 |
|
Equity instruments (unpledged) |
|
231.4 |
189.6 |
|
Equity instruments (pledged as collateral) |
|
4,446.6 |
1,331.7 |
|
Derivative instruments |
|
1,163.5 |
655.6 |
|
Stock borrowing |
|
1,781.7 |
2,501.4 |
|
Treasury instruments (unpledged) |
|
556.2 |
481.8 |
|
Treasury instruments (pledged as collateral) |
|
2,912.9 |
2,062.6 |
|
Fixed income securities (unpledged) |
|
87.7 |
76.7 |
|
Reverse repurchase agreements |
|
2,490.4 |
3,199.8 |
|
Cash and cash equivalents |
|
2,556.6 |
1,483.5 |
|
Total current assets |
|
23,828.5 |
16,936.0 |
|
Total assets |
|
24,312.5 |
17,611.6 |
- Prior period comparatives have been restated. Refer to note
3(b) and note 37 in the Group Annual Report for further
information.
Consolidated Statement of Financial
Position
As at 31 December 2024
|
|
|
31 December |
31 December |
| |
|
2024 |
2023 |
| |
|
$m |
$m |
|
|
|
|
Restated1 |
|
Liabilities |
|
|
|
|
Current liabilities |
|
|
|
|
Repurchase agreements |
|
2,305.8 |
3,118.9 |
|
Trade and other payables |
|
9,740.4 |
6,785.9 |
|
Stock lending |
|
4,952.1 |
2,323.3 |
|
Short securities |
|
1,704.6 |
1,924.8 |
|
Short-term borrowings |
|
152.0 |
— |
|
Lease liability |
|
10.5 |
13.2 |
|
Derivative instruments |
|
751.7 |
402.2 |
|
Corporation tax |
|
41.9 |
7.6 |
|
Debt securities |
|
2,119.6 |
1,308.4 |
|
Provisions |
|
0.6 |
0.4 |
|
Total current liabilities |
|
21,779.2 |
15,884.7 |
|
Non-current liabilities |
|
|
|
|
Lease liability |
|
67.0 |
39.4 |
|
Long-term borrowings |
|
— |
— |
|
Debt securities |
|
1,484.9 |
907.9 |
|
Deferred tax liability |
|
4.5 |
3.7 |
|
Total non-current liabilities |
|
1,556.4 |
951.0 |
|
Total liabilities |
|
23,335.6 |
16,835.7 |
|
Total net assets |
|
976.9 |
775.9 |
|
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
0.1 |
0.1 |
|
Share premium |
|
202.6 |
134.3 |
|
Additional Tier 1 capital (AT1) |
|
97.6 |
97.6 |
|
Retained earnings |
|
722.4 |
555.3 |
|
Own shares |
|
(23.2) |
(9.8) |
|
Other reserves |
|
(22.6) |
(1.6) |
|
Total equity |
|
976.9 |
775.9 |
- Prior year comparatives have been restated. Refer to note 3(b)
and note 37 in the Group Annual Report for further
information.
Enquiries please contact:
Marex
Investors - Robert Coates
+44 7880 486 329 / rcoates@marex.com
Media - Nicola Ratchford, Marex / FTI Consulting US / UK
+ 44 7786 548 889 / nratchford@marex.com / +1 919 609 9423 / +44 7776 111 222 | marex@fticonsulting.com
Marex (NASDAQ:MRX)
Historical Stock Chart
From Feb 2025 to Mar 2025
Marex (NASDAQ:MRX)
Historical Stock Chart
From Mar 2024 to Mar 2025
