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(Sharecast News) - Global fintech group Wise reported a jump in first-half revenue and profits on Friday, putting the recently dual-listed firm on track to hit the upper end of its full-year growth targets.
For the six months ended 30 September, Wise said net revenues had surged 23% year-on-year to $1.45bn, buoyed by a 21% jump in active customers to over 16m and a 24% rise in cross-border volumes to $141bn.
Income before tax rose 9% to $334.9m at a 23% margin, while net income increased 6% to $249.2m, despite operating expenses climbing 28% to $1.15bn on the back of technology investments and US listing compliance costs.
Looking ahead, the London and Nasdaq-listed firm expects FY27 net revenue growth in the upper half of its 15% to 20% medium-term target range, with pre-tax profit margins seen near the top of its 20% to 25% guidance.
Wise also confirmed it had nearly completed half of its more than $500m share buyback programme and settled a regulatory inquiry with Brussels prosecutors regarding its Belgian subsidiary with no admission of wrongdoing.
As of 1045 GMT, Wise shares were up 5.18% at 873.60p.
Reporting by Iain Gilbert at Sharecast.com
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