18th Jul 2023 09:44
(Alliance News) - Wise PLC on Tuesday reported that its revenue in its first quarter increased, and it left its outlook for the full-year unchanged.
Wise, a London-based money transfer firm, said revenue in its first quarter ended June 30 rose by 29% year-on-year to GBP239.5 million from GBP185.9 million.
Volumes increased in this first quarter by 16% to GBP28.2 billion from GBP24.4 billion year-on-year, "driven by a growth in active customers".
Quarterly active customers increased by a third to 6.7 million. Wise put this down to "strong customer retention and customer acquisition primarily through word of mouth".
Income in its first quarter was up by 66% to GBP311 million from GBP187 million. That figure includes revenue, as well as interest income or expenses on customer balances.
"As our customer proposition continues to improve, more people and businesses are choosing Wise, and it is this growth in customer adoption that will underpin our long-term success," said Chief Executive Officer and Co-Founder Kristo Kaarmann.
Wise's outlook for the full-year was unchanged, predicting income growth between 28% and 33% from GBP942.2 million, and an elevated adjusted Ebitda margin due to higher levels of interest income net of customer benefits. Its adjusted Ebitda margin the year prior was 24.7%.
Shares in Wise rose 3.5% to 696.00 pence each in London on Tuesday morning.
By Will Neill, Alliance News reporter
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