Marex Group plc announces record fourth quarter and full year 2024 results

NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) -- 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

1. 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.
2. 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.
3. Weighted average number of shares have been restated as applicable for the Group's reverse share split (refer to Appendix 1 for further detail).

Financial Review

The following table presents summary financial results and other data as of the dates and for the periods indicated:

Summary Financial Results

1. 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.
2. 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.
3. 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: