Commodities Broker Marex Group Plans Acquisitions for Diversification After Strong U.S. IPO Performance, UK

Date:

Updated: [falahcoin_post_modified_date]

LONDON, Aug 14 – British-based commodities broker Marex Group is planning more acquisitions to diversify the company following a U.S. listing, its CEO disclosed, in the wake of strong interim results that sent shares to a record high.

Marex listed on the U.S. Nasdaq exchange in April with an initial public offering (IPO) price of $19 a share. The shares surged as much as 18% on Wednesday to a peak of $24.58.

The company recorded a 27% surge in revenue for the first six months of the year, with a notable 27% gain in after-tax profit to $102.9 million.

Jefferies noted in a brief that earnings per share of 90 cents in the second quarter surpassed its estimate of 57 cents, mainly driven by clearing revenue.

In an interview, CEO Ian Lowitt mentioned that Marex has a robust pipeline of merger and acquisition opportunities, focusing on geographic and product diversification, particularly in the Middle East, Asia, and the U.S.

Marex remains positive on the second half, but anticipates slightly weaker activity compared to the first six months. The company expects full-year adjusted operating profit between $280 million and $290 million.

Benefiting from rising global interest rates, Marex foresees challenges with anticipated rate cuts in the future, offset by significant growth initiatives.

We anticipate interest rates will come down. That’s a modest headwind for us, but there are a lot of growth initiatives that we have confidence will offset that, Lowitt stated.

[single_post_faqs]
Shreya Gupta
Shreya Gupta
Shreya Gupta is an insightful author at The Reportify who dives into the realm of business. With a keen understanding of industry trends, market developments, and entrepreneurship, Shreya brings you the latest news and analysis in the Business She can be reached at shreya@thereportify.com for any inquiries or further information.

Share post:

Subscribe

Popular

More like this
Related

Revolutionary Small Business Exchange Network Connects Sellers and Buyers

Revolutionary SBEN connects small business sellers and buyers, transforming the way businesses are bought and sold in the U.S.

District 1 Commissioner Race Results Delayed by Recounts & Ballot Reviews, US

District 1 Commissioner Race in Orange County faces delays with recounts and ballot reviews. Find out who will come out on top in this close election.

Fed Minutes Hint at Potential Rate Cut in September amid Economic Uncertainty, US

Federal Reserve minutes suggest potential rate cut in September amid economic uncertainty. Find out more about the upcoming policy decisions.

Baltimore Orioles Host First-Ever ‘Faith Night’ with Players Sharing Testimonies, US

Experience the powerful testimonies of Baltimore Orioles players on their first-ever 'Faith Night.' Hear how their faith impacts their lives on and off the field.