By Wise PLC, the fintech company formerly known as TransferWise, has issued guidance for income and earnings for the year as it reported a significant rise in pre-tax profit for fiscal 2023. The company expects income to grow by between 28% and 33% in the year ending March 31, 2024, driven by active customer growth. It also sees an annual compound growth rate of 20% over the medium term. Wise guided for an adjusted earnings before interest, taxes, depreciation and amortization margin at or above 20% in the mid-term. For the year ahead, Wise expects the margin to remain higher than its target given a higher proportion of interest income flowing to adjusted EBITDA. Finance Chief Matt Briers said, “As we pass through FY 2024, it will be important to keep in view that we will be lapping some unusual trends from FY 2023.”
Fiscal 2023 results highlight significant rise in pre-tax profit
Wise PLC reported a pretax profit of £146.5 million ($186.3 million) for fiscal 2023, from £43.9 million for the previous year. Income grew 73% to £964.3 million, partly boosted by interest income, beating its upgraded guidance range of between 68% and 72% on-year growth. Revenue rose to £846.1 million from £559.9 million on active customer and volumes growth, it said.
Comments