WISE (Neutral, TP: £8.00, +5%) WISE Q1 25 trading statement: Nice beat, after expectations reset
This morning’s Q1 25 Trading statement showed better volumes (a 3% beat), revenue (2%) and underlying income (1%) than expected (NSR and consensus); there is no profitability reported. Of particular significance was the volume improvement, with momentum here having been weak of late as WISE gravitates to more “card usage” from core transfer customers. The fall in the cross-border take-rate, meanwhile, had been well flagged following April price cuts.
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