BGC Group, Inc. reported total revenues of $2,262.8 million for the year ended December 31, 2024, an 11.7% increase compared to $2,025.4 million in 2023. This increase was primarily driven by an 11.2% rise in brokerage revenues, with significant growth in Energy, Commodities, and Shipping (ECS) at 25.1%, Rates at 12.2%, and Foreign Exchange (FX) at 14.0%. However, Equities brokerage revenues decreased by 5.3%. Total expenses increased by 9.5% to $2,182.3 million, mainly due to a 13.2% rise in compensation and employee benefits.
The company's net income available to common stockholders was $126.9 million in 2024, a substantial increase from $36.3 million in 2023. This improvement reflects the growth in brokerage revenues, partially offset by higher expenses. The increase in income from operations before income taxes was $173.1 million compared to $57.7 million in 2023. This significant increase is attributable to the growth in revenues and a decrease in other expenses.
Significant developments during the year included the completion of the company's conversion from an Umbrella Partnership C-Corporation to a Full C-Corporation on July 1, 2023. This conversion aimed to simplify the organizational structure and improve transparency. Furthermore, BGC Group completed several acquisitions, including Sage Energy Partners, LP in October 2024, and ContiCap and Open Energy Group in November 2023. The company also divested Capitalab Limited in December 2024, resulting in a $39 million gain. In April 2024, several major banks invested $171.7 million in FMX, a fully electronic trading platform, acquiring a 25.75% ownership stake.
Key operational developments included a 28% year-over-year increase in average daily volume (ADV) for FMX UST in the fourth quarter of 2024, reaching over $52 billion and representing over 30% market share. FMX FX volumes also improved significantly, increasing by approximately 80% compared to the previous year. Fenics, BGC's technology-driven business, saw revenue growth of 9.4% for the year, driven by higher electronic volumes and market data revenues. The company's front-office headcount increased by 2.7% to 2,161, while average revenue per front-office employee increased by 6.3% to $1.0 million.
Looking ahead, BGC Group anticipates continued growth in its Fenics business and expects to benefit from the ongoing trend towards electronic trading and increased demand for market data and connectivity solutions. The company also expects the recently completed acquisitions to be immediately accretive. However, the company acknowledges several risk factors, including those related to global economic conditions, competition, regulatory changes, and cybersecurity threats, which could impact future performance.
About BGC Group, Inc.
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