By Elena Vardon
Wise PLC, formerly known as TransferWise, has once again raised its income guidance for fiscal 2024. The company's customer base expanded in the third quarter, and it has reaped the benefits of high interest rates.
The money-transfer company now projects total income growth of between 42% and 44% for the fiscal year ending March 31, up from the previously upgraded range of 33% to 38%.
The group stated, "We anticipate that our adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin in FY24 will remain elevated compared to our medium-term guidance of at or above 20%. This is due to the high net yield on customer balances."
In the three months ending December 31, the London-listed group reported an income of £375.1 million ($477.4 million), representing a 40% increase compared to the same quarter the previous year. Revenue for the quarter rose by 23% to GBP276.6 million, with cross-border volumes seeing a 16% increase to GBP30.6 million. The company attributed this growth to a 30% year-on-year increase in active customers, totaling 7.5 million.
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