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Wise upgrades FY guidance following strong Q2 revenue growth
(Sharecast News) - Fintech company Wise upgraded full-year guidance on Tuesday after experiencing strong revenue growth in the second quarter of its trading year. Wise said Q2 revenues rose from £132.8m a year earlier to £211.5m in the three months ended 30 September.
The London-listed group also now expects income growth for the year ending 31 March to be between 55% and 60%, while the group's adjusted underlying earnings were pegged to come in at or above 20% of total income for the period.
During the quarter, Wise said high levels of FX volatility led to higher costs and, as a result, the average customer price increased to 0.64%, compared to 0.61% in Q1 and 0.62% a year earlier.
Chief executive Kristo Kärmann said: "This quarter 5.5m customers moved £27.0bn with us, 50% more than in Q2 last year and for the second consecutive quarter more than half our payments were instant.
"We've seen extreme macroeconomic conditions persist throughout the second quarter, and whilst unfortunately this meant we had to raise prices slightly for some customers, we've been working hard to limit these increases and are working to bring them back down again."
As of 0945 BST, Wise shares were up 1.37% at 724.80p.
Reporting by Iain Gilbert at Sharecast.com
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