WISE (Neutral, TP: £9.00, +6%) WISE - Q4 24: Volumes and revenue miss by 3%
WISE reported its FY 24 trading statement this morning (to Mar-24). The core business missed Q4 revenue and volumes by 3%, coming from a combination of Business (lower onboarding in part) as well as Personal (macro perhaps). Sequential volumes are flat in Q4, y/y growth is only 15% which benchmarks against mid-term expectations for total income growth (which includes NII) of 20% (whilst rates will fall/deposit remuneration should rise at some stage). The steer into H2 is for slightly higher gross margins (>H1), based on current NII run-rate as well as lower FX volatility.
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