Marex recently published its results for the financial year 2020 and revealed that the company’s net revenue reached $414.7 million. This marks an 18% risecompared to 2019 when the company registered $352.2 million.
The financial report showed a 37% jump in gross revenues reaching $762.4 million in 2020, compared to 2019 when it registered $53.4 million). Marex also reported adjusted operating profit before taxation of $61.5 million in 2020 over $53.4 million in 2019.
The Group noted the importance of its success despite the unprecedented challenges faced last year. The company continued its organic growth with an increase of 33% in headcount.
I am delighted to report another outstanding set of results. With Covid and working from home, 2020 was an extraordinary year and I am truly proud of how our employees stepped up to the challenge.
Notwithstanding the market conditions, we continued to perform at a very high level, achieving record profitability for the seventh year in a row, growing revenues and profits consistent with our historic trajectory of 15% to 20%, to new records.
Marex also highlighted that it closed 2020 with over $468 million of liquidity and client assets rose by 50% reaching $3.1 billion.
The company also stressed the significance of its strategic acquisitions during 2020. Last year Marex acquired London-based non-ferrous recycled metals specialist Tangent Trading Limited, Luxembourg-based equity volatility market maker Volatility Performance Fund SA, and X-Change Financial Access LLC (XFA), a Chicago-based execution broker for VIX and S&P options.
Ian Lowitt, CEO of Marex, added:
Not only did we maintain our positive earnings trajectory, but we also continued to invest in our organization to further diversify our business and to support ongoing growth in 2021 and beyond. We completed three acquisitions in the year, thus demonstrating how consolidating acquisitions to add products and geographic diversification within our four core services is now business as usual, which even the global pandemic could not disrupt.
The company recently announced name change to Marex from Marex Spectrum, a name that dates back to 2011 when the company acquired Spectron Group Limited.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.