Marex Spectron reports record 2018 results and strong start to 2019April 12, 2019
Marex Spectron (the ‘Group’), the global commodities broker, has today reported record full year results, as gross revenues increased by $66.3 million to $388.5 million from $322.2 million in 2017. Net revenues were up $49.1 million at $294.7 million versus $245.6 million in 2017.
Profit Before Tax (before one-time expenses) was $45.2 million, which is 80% higher than the $25.1 million reported in 2017. This excludes a provision of $31.9 million for the result of a court case heard in early 2019, with the judgement expected later in the year, relating to nickel warehouse receipts and where the firm was the victim of a 2016 fraud.
The firm closed the year with record liquid resources and excess regulatory capital compared with prior year ends.
2018 highlights included:
Today the firm is deeply embedded in the global commodity market infrastructure, with 35 exchanges in its connectivity networks, clearing over 120 million exchange contracts during the year, as well as executing over 29 million trades for clients.
The firm has had a strong start to 2019, with first quarter revenues and earnings on track for another significant uplift. The recent acquisitions have integrated successfully and are performing well.
Ian Lowitt, Marex Spectron’s Chief Executive Officer, commented: “2018 was a breakout year for Marex Spectron in terms of our operating performance, with a material increase in revenues, adjusted PBT and far stronger liquidity and capital positions. We are now a more balanced franchise, with the acquisitions filling gaps across our offering and expanding our business geographically. We will continue to invest across our business to further the firm’s diversification and provide an even stronger platform for future growth.”
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