Marex Group plc (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.
Revenue grew by 28% to $415.6 million (Q4 2023: $325.6m) in the final quarter of 2024, with strong organic growth across all businesses driven by robust client activity, market share gains and supportive market conditions.
Net commission income increased by 25% from the year-ago quarter to $226.0 million (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 Marex’s acquisition of TD Cowen’s prime services business in December 2023.
Net trading income rose by 15% to $128.1 million (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 supported 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.
Reported Profit Before Tax increased by 97% to $77.8 million (Q4 2023: $39.4m), driven by strong revenue growth and improved operating margins.
Adjusted Profit Before Tax increased 55% to $81.4 million (Q4 2023: $52.6m) and Adjusted Profit Before Tax Margin improved to 20% (Q4 2023: 16%). Profit After Tax Margin increased to 14% (Q4 2023: 9%).
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.
