Marex Spectron, the global commodities specialist, today announced record results during the first half year, with net revenues up 28% year on year at $219.9 million, while profit before tax increased 48% at $38.2 million (unaudited).
The half saw the continued acquisitive growth of the Group, with the addition of Tangent Trading Ltd, a leading recycled metals trading firm, The Matthews Group, an agricultural brokerage team, and BIP Asset Management, an equity and commodity options market maker.
Other developments included a 75% stake taken in the Gemini Fund run by Cambridge Machines Asset Management, the migration of 4,000 clients to XTP technology, reaffirmation of the Group’s BBB- Long-Term credit rating by Standard & Poor’s and the renewal of the $165 million credit facility.
During the half the Group’s client assets increased by 4% to $2.6billion, the headcount increased by 10% and a Paris office was opened, taking the total number of offices to 15.
Ian Lowitt, Chief Executive of Marex Spectron, commented:
“Despite the extreme challenges resulting from the Covid-19 pandemic, I am pleased to report that Marex Spectron increased revenues and profit across all key businesses in H1 2020 and we are on track for another record year.
“These impressive results demonstrate the resilience and strength of our franchise and dedication of our staff, who have maintained a high level of client service despite the new challenges posed by working remotely.
“Our clients are our top priority as we continue to grow and strengthen the firm, adding capabilities and acquiring new businesses. Our balance sheet and liquidity remain strong which will stand us in good stead for any further market disruption.”