Marex recently announced its financial results for the year ended 31 December 2020. The company’s net revenue reached $414.7 million in 2020, compared to $352.2 million in 2019. Marex has reported the seventh consecutive year of increased earnings.
According to the official announcement, gross revenues touched $762.4 million in 2020, which was a jump of 37% compared to 2019. The adjusted operating profit before taxation reached $61.5 million in 2020, compared to $53.4 million in 2019.
Marex also highlighted the importance of its acquisition strategy in the company’s recent expansion. The company mentioned significant success from organic growth despite the challenges of the coronavirus pandemic.
Commenting on the latest announcement, Ian Lowitt, CEO of Marex, said: “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.”
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During 2020, Marex made significant commitments regarding different ESG initiatives including its commitment to being carbon neutral by 2022.
Marex mentioned that it has closed 2020 with more than $468 million of liquidity as client assets increased by 50% to $3.1 billion. Moreover, the company added that its acquisitions have played an important role in the recent performance.
“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,” Lowitt added.
Recently, Marex concluded the purchase of a leading Rotterdam-based broker Startsupply.