NEW YORK – StoneX Group Inc. (NASDAQ:SNEX), a prominent financial services firm, has acquired JBR Recovery Ltd., a UK-based leader in precious metal recovery and refining. The acquisition, completed by StoneX’s subsidiary StoneX Metals Limited, was announced today and marks a strategic expansion of StoneX’s metals offering, enabling the company to control a significant portion of the supply chain and meet increasing demand for recycled .
JBR, one of only two UK companies accredited by the London Bullion Market Association (LBMA) for supplying ‘Good Delivery’ silver, processes materials containing silver, , and other platinum group metals (PGM), specializing in the recycling of secondary materials. With this acquisition, StoneX will now be able to own and refine precious metals, providing end-to-end management of metal trading from supply and production to authentication, sale, and delivery.
Michael Skinner, Global Head of Metals at StoneX, stated that this acquisition represents a historic moment for StoneX’s metals business, highlighting their commitment to enhancing their market offering and building a metals ecosystem. Skinner emphasized the importance of working closely with the JBR team to maintain its strong reputation and legacy of service.
Simon Meddings, Managing Director of JBR Recovery, expressed that the acquisition by StoneX marks a significant chapter in JBR’s history, anticipating further growth and the opportunity to offer an enhanced service and product line to global customers. Meddings also noted the synergies between the two companies and expressed enthusiasm for becoming part of the StoneX group.
StoneX Group Inc. operates globally, providing a network of financial services including digital platforms, clearing and execution services, and expert advice. Headquartered in New York City, StoneX serves a diverse client base across various continents. JBR, with a history dating back to the 18th century, stands as a respected entity in the precious metals market, producing over 250 tonnes of silver annually and certified for ‘Good Delivery’ silver bars.
This strategic move by StoneX is expected to bolster its position in the precious metals market by incorporating JBR’s expertise and capabilities into its comprehensive service offerings. The information regarding this acquisition is based on a press release statement.
In other recent news, StoneX Group, a securities and commodities brokerage firm, has made significant changes to its corporate bylaws and initiated a stock repurchase program, according to a recent 8-K filing. The amendments to the bylaws, which include new procedural requirements for stockholder meetings and proxy solicitations, were approved by the Board of Directors. The changes also include a provision for advance notice for stockholder proposals and director nominations.
Additionally, the Board authorized a stock repurchase plan for fiscal year 2025. StoneX Group may repurchase up to 1.5 million shares of its common stock from October 1, 2024, to September 30, 2025, given favorable market conditions and regulatory requirements.
These are recent developments that reflect StoneX Group’s commitment to upholding corporate governance standards and offering value to its shareholders. Investors interested in nominating director candidates or proposing business at the 2025 Annual Meeting are advised to adhere to the new advance notice provisions and submit their notices in compliance with the bylaws.
InvestingPro Insights
StoneX Group Inc.’s (NASDAQ:SNEX) acquisition of JBR Recovery Ltd. aligns with its strong market performance and financial health. According to InvestingPro data, StoneX has demonstrated impressive growth with a revenue increase of 40.64% over the last twelve months as of Q3 2024, reaching $84.27 billion. This growth trajectory is further emphasized by a substantial 80.53% quarterly revenue growth in Q3 2024.
The company’s strategic expansion into precious metal recovery and refining through JBR Recovery is reflected in its robust financial metrics. StoneX boasts a market capitalization of $2.75 billion and a favorable P/E ratio of 11.59, indicating a potentially undervalued stock relative to its earnings. This acquisition could further enhance StoneX’s market position and profitability.
InvestingPro Tips highlight StoneX as a “Prominent player in the Capital Markets industry” with “liquid assets exceeding short-term obligations,” suggesting a strong financial foundation to support its expansion strategies. The company is also “trading near its 52-week high” and has shown a “strong return over the last three months,” which may indicate investor confidence in its growth initiatives, including this latest acquisition.
For investors seeking more comprehensive analysis, InvestingPro offers 7 additional tips that could provide deeper insights into StoneX’s market position and future prospects. These tips could be particularly valuable in assessing the potential impact of the JBR Recovery acquisition on StoneX’s long-term performance.
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