Business
Marex Group plc announces 2024 Interim Results
NEW YORK, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Marex Group plc (‘Marex’ or the 'Group’; Nasdaq: MRX), a diversified global financial services platform, announces
About this update from Marex Group Plc
[{"type":"text","content":"NEW YORK, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Marex Group plc (‘Marex’ or the 'Group’; Nasdaq: MRX), a diversified global financial services platform, announces strong results for the six months ended 30 June 2024, and a positive outlook for the full year. H1 2024 Highlights Financial Highlights: ($m)3 months ended 30 June 2024 3 months ended 31 March 2024 Change1 6 months ended 30 June 2024 6 months ended 30 June 2023 Change1Reported Revenue422.1 365.8 15% 787.9 622.4 27%Profit Before Tax80.1 58.9 36% 139.0 109.5 27%Profit Before Tax Margin (%)19% 16% 300bps 18% 18% — bpsProfit After Tax59.3 43.6 36% 102.9 80.8 27%Return on Equity (%)29% 23% 600bps 25% 23% 200 bpsBasic Earnings per Share ($)20.81 0.60 35% 1.41 1.13 25%Diluted Earnings per Share ($)20.76 0.56 36% 1.32 1.06 25% Adjusted3 Operating Profit391.5 67.7 35% 159.2 124.5 28%Operating Profit Margin (%)322% 19% 300bps 20% 20% — bpsOperating Profit after Tax Attributable to Common Equity366.8 48.9 37% 115.7 90.1 28%Return on Operating Profit after Tax Attributable to Common Equity (%)337% 29% 800bps 32% 30% 200 bpsAdjusted Earnings per Share($)2,30.96 0.74 30% 1.70 1.37 24%Adjusted Diluted Earnings per Share ($)2,30.90 0.69 30% 1.59 1.29 23% 1. 1% Change is calculated on numbers presented to the nearest tenth of a million. 2. Weighted average number of shares have been restated as applicable for the reverse share split (refer to note 12 in our condensed consolidated financial statements furnished to the SEC on Form 6-K on 14 August 2024 for further detail). 3. 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. Strong performance in H1 2024: Successful execution of our growth strategy and positive market conditions supported strong performance across all business segments in the first half of the yearExceptionally strong performance in the second quarter: Unusual conditions in the metals market benefited Market Making, as we supported our clients with access to liquidity, increasing volumes on our platform, while maintaining our prudent approach to riskContinued progress with our growth initiatives: We look to grow our platform and expand our client base, building out our product capabili...