Marex Group reports Q2 adjusted EPS 90c vs. 69c last quarter

Reports Q2 revenue $422.1M vs. $365.8M last quarter. Ian Lowitt, Group Chief Executive Officer, commented: “Marex delivered strong results in the first half of 2024, supported by organic growth and the ongoing integration of our recent acquisitions, with double digit growth in revenue and Adjusted Operating Profit across all our business segments. We continue to benefit from our diversified global platform, which has enabled us to grow our client base, add additional products across an expanded geographic footprint, and increase the amount of business we do with our clients. We saw an exceptional performance in the second quarter, where in addition to growing in all of our business segments, we were able to take advantage of the unusual opportunities presented in the metals market resulting from amended guidance from the LME regarding Russian metals. We were able to support our clients as a market maker, providing access to liquidity in this active market. This demonstrates Marex’s ability to perform well in a favourable environment, while continuing to operate within our strict risk parameters. The outlook for Marex remains positive and we believe we are on track for a tenth year of sequential growth. We anticipate full year Adjusted Operating Profit to be approximately $280m to $290m, assuming more normalised market conditions in H2 2024, following the strong performance in the first half, momentum in our businesses and further progress executing our growth strategy.”