Wise PLC Upgrades Income Growth Guidance

London-listed money transfer company, Wise PLC, has announced an upgrade to its income growth guidance for fiscal 2024 following a strong start to the year and an increase in second-quarter income.

Impressive Second-Quarter Performance

Wise reported a significant rise in income during the second quarter, with a 51% increase amounting to £345.1 million ($424.8 million). Additionally, Wise account balances surged by 33% to reach £12.3 billion.

Enhanced Revenue Figures

Revenue for the company also witnessed growth, rising from £211.5 million to £258.7 million in comparison to the previous year.

Increased Income Growth Guidance

Given the promising start to the fiscal year and higher interest income expectations, Wise has decided to raise its income growth guidance for the year ending March 31. The new range now stands at 33%-38%, up from the previous range of 28%-33%.

Strong Profitability Outlook

Wise highlighted that its first-half gross profit margin exceeded expectations at an impressive 74%. This can be attributed to reduced foreign-exchange volatility costs and operational losses, both of which contribute to enhanced profitability.

Confident in Future Prospects

The company expressed confidence in its business performance and progress towards its mission statement. As a result, Wise is pleased to announce the upgraded financial guidance for fiscal 2024.