(Alliance News) – Wise PLC on Tuesday reported sharp first-half growth and predicted a robust annual margin outcome, with the money transfer firm unable to return interest rates hikes to customers “at the level we would like”.
The London-based firm said revenue in the half-year to September 30 increased 25% to GBP498.2 million from GBP397.4 million a year prior. Including interest income, total income was 58% higher at GBP656.0 million from GBP416.1 million. Interest income alone jumped to GBP157.8 million from GBP18.7 million.
Pretax profit jumped year-on-year to GBP194.3 million from GBP51.3 million
Customer numbers in the second-quarter were 32% higher year-on-year at 7.2 million.
The company affirmed that it expects full-year income growth between 33% and 38%. It had raised its income guidance in October from a previous 28% to 33% growth forecast.
It added that its adjusted earnings before interest, tax, depreciation and amortisation margin will “will be considerably higher” than its 20% medium-term target during this financial year. Wise said this is due to “the…
