Marex Group plc announced strong financial results for the third quarter ended September 30, 2024, with Reported Profit Before Tax increasing by 66% to $79.0 million, up from $47.6 million in the same period of 2023. Revenue for Q3 2024 grew by 32% to $391.2 million, compared to $296.6 million in Q3 2023, driven by favorable market conditions, underlying growth, and acquisitions.
Adjusted Operating Profit saw a 52% increase, reaching $80.5 million for Q3 2024 from $52.9 million in Q3 2023, with Adjusted Operating Profit Margins improving to 21% from 18%. The company's Clearing business revenue increased 22% to $116.7 million, and Agency and Execution revenue rose 30% to $170.4 million, partly due to the Cowen acquisition.
For the nine months ended September 30, 2024, Reported Profit Before Tax increased 39% to $218.0 million, and total revenue grew 28% to $1,179.1 million. Following this strong performance and continued business momentum, Marex Group has increased its guidance for the full year, signaling confidence in its ongoing growth strategy.
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