Marex Spectron (the ‘Group’), the global commodities broker, has today reported a strong set of full year results, despite challenging markets, with net revenues of $245.6 million through to 31 December 2017, up $2.5 million from $243.1 million in 2016.
Adjusted EBITDA for the year, which excludes one-time items and cost of investments, was a record $39.6 million, up from $37.1 million in 2016. Profit before tax was $25.4 million, slightly down on 2016’s $27.0 million (2015: $17.6 million) reflecting the increased level of investment expenditure in the business. This was on gross revenue for 2017 of $322.2 million versus $330.4 million in 2016.
Marex Spectron is today deeply embedded in the global commodity market infrastructure, with 35 exchanges in its connectivity networks, clearing over 145 million contracts a year on exchange and executing over 20 million trades a year for clients.
Highlights and investments during the year included:
- Expansion of the Group’s global footprint, with enhanced presence in North America, as both the Calgary Crude Oil business and Houston Natural Gas Liquids business started to generate material revenues.
- Growth of the Asian business, having developed the metals presence in Singapore, an area where the management continues to see significant energy and metals opportunities.
- Strengthened existing European franchises and entered new markets, such as European Physical Wet Freight and EU Carbon Emissions, and further growth of the energy clearing capabilities.
- Launch of Marex Solutions, a division offering corporate market risk hedging solutions and structured investment products.
- Developments of the NEON electronic trading, risk and data platform, adding new functionality in metals and energy, as well as launch of NEON Mobile.
- Extensive preparation for the new MiFID II regime, which was successfully implemented at the start of 2018.
Ian Lowitt, CEO Marex Spectron, commented: “Given how the markets played out, 2017 was a very good year for our firm. It was also a year that saw significant investment across the business, with many of the initiatives put in place set to add further revenue growth in 2018. Looking at the year ahead, our intention is to further develop our own technologies, add new services, and continue to win ever greater global market share.”
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