Marex Spectron Reports 20% Revenues Growth in 2018
- Profit before tax also increased by 80 per cent year-on-year.
Marex Spectron, a global commodities broker, announced its full-year financial results for 2018 this Thursday, revealing an uptick in revenues and profit before tax.
Throughout the year, the broker achieved gross revenues of $388.5 million. This is higher by $66.3 million or 20.6 percent, from 2017’s gross revenues of $322.2 million.
Net revenues also managed to increase year-on-year, rising from $245.6 million in 2017, by around 20 percent or $49.1 million to reach $294.7 million in 2018.
According to the statement, the boost in net revenues was partly driven by record results from its Metals business, as higher Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term was converted into increased net revenues.
Profit before tax for the year was $45.2 million. This represents an increase of 80 percent from the $25.1 million reported in 2017.
Marex Spectron Awaits Court Judgement
However, as the statement highlights, this figure excludes a provision of $31.9 million from its court case which was heard earlier this year.
The judgment for the case is expected later this year and is in regards to nickel warehouse receipts. Specifically, Natixis sued the broker for $32 million in 2017 over fraudulent nickel warehouse receipts in Asia.
The company has been accused of failing to identify the fraud. However, Marex has rejected the lawsuit, and the parties are now awaiting a ruling.
Ian Lowitt, the CEO of Marex Spectron
Source: LinkedIn
Commenting on the results, Ian Lowitt, Marex Spectron’s Chief Executive Officer, said: “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 Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term 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.”
2019 has also started out on a strong footing for the broker, the statement said, as first-quarter revenues and earnings are on track “for another significant uplift.”
Marex Spectron, a global commodities broker, announced its full-year financial results for 2018 this Thursday, revealing an uptick in revenues and profit before tax.
Throughout the year, the broker achieved gross revenues of $388.5 million. This is higher by $66.3 million or 20.6 percent, from 2017’s gross revenues of $322.2 million.
Net revenues also managed to increase year-on-year, rising from $245.6 million in 2017, by around 20 percent or $49.1 million to reach $294.7 million in 2018.
According to the statement, the boost in net revenues was partly driven by record results from its Metals business, as higher Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term was converted into increased net revenues.
Profit before tax for the year was $45.2 million. This represents an increase of 80 percent from the $25.1 million reported in 2017.
Marex Spectron Awaits Court Judgement
However, as the statement highlights, this figure excludes a provision of $31.9 million from its court case which was heard earlier this year.
The judgment for the case is expected later this year and is in regards to nickel warehouse receipts. Specifically, Natixis sued the broker for $32 million in 2017 over fraudulent nickel warehouse receipts in Asia.
The company has been accused of failing to identify the fraud. However, Marex has rejected the lawsuit, and the parties are now awaiting a ruling.
Ian Lowitt, the CEO of Marex Spectron
Source: LinkedIn
Commenting on the results, Ian Lowitt, Marex Spectron’s Chief Executive Officer, said: “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 Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term 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.”
2019 has also started out on a strong footing for the broker, the statement said, as first-quarter revenues and earnings are on track “for another significant uplift.”