Marex Group plc, a diversified global financial services platform, today provided a trading update for the quarter ended 31 March 2024.
First quarter performance continued to improve across the Group compared to the fourth quarter of 2023. Marex generated revenue of $365.8 million for the quarter ended March 31, 2024, up 12% from the quarter ended December 31, 2023.
Clearing reported revenue for the quarter ended March 31, 2024 of $100.7 million, up 22% from $82.7 million in the fourth quarter of 2023. Revenue in the first quarter included $69.5 million in revenue from fees, as well as $30.2 million in net interest income reflecting average balances for the period of $13.2 billion, up from $12.7 billion in 4Q2023.
Agency and Execution saw revenue for the quarter ended March 31, 2024 at $168.1 million, up 6% from $157.9 million in Q4 2023. Revenue in the first quarter consisted of $73.2 million from energy and $94.9 million from financial securities.
Market Making benefited from relatively favorable conditions in the first quarter, with 94% positive trading days. Revenue for the quarter ended March 31, 2024 increased 8% to $41.8 million from $38.8 million in Q4 2023, comprised of $21.4 million from metals, $5.6 million from agriculture , $7.6 million from energy and $7.2 million from financials.
Hedging and Investment Solutions delivered a strong performance in the first quarter, with good demand from clients in both parts of the business. Revenue for the quarter ended March 31, 2024 was $41.3 million, up 24% from $33.2 million in the fourth quarter of 2023, comprised of $19.5 million from hedging solutions and $21.8 million dollars from financial products.
Corporate revenue for the quarter ended March 31, 2024 was $13.9 million, up 8% from $12.9 million in Q4 2023.
As of March 31, 2024, the Group’s balance sheet was broadly in line with that of December 31, 2023. Total assets increased by 2% to $18.0 billion.
Ian Lowitt, Group Chief Executive, commented:
“We are pleased to report earnings at the top of the range of preliminary results in the IPO registration statement and significantly higher than the fourth quarter of 2023. We are pleased to successfully launch our IPO in April and are grateful for the strong engagement and investor support. As we look into the second quarter, we have seen continued positive momentum.
The outlook for Marex remains positive. We have strong momentum in our core businesses underpinned by supportive macroeconomic conditions. We continue to look at potential inorganic growth opportunities that will complement our strong organic growth initiatives, which are progressing well. We look forward to continuing to deliver sustainable growth and building an even more diversified and resilient business.”