Wise PLC's market value jumped more than £1bn after the payments technology firm reported more than trebled profit and a 50% jump in revenue.
The firm said the performance reflected growth in active customers and volumes, combined with increased adoption of the Wise account.
In the year to March 31, 2023, Wise reported revenue of £846.1mln, up 51%, while pre-tax profit jumped to £146.5mln from £43.9mln.
Customer numbers increased by 34% to 10.0mln supporting a 37% year-on-year rise in volumes to £104.5mln.
This customer growth led to a 37% year-on-year increase in volumes to £104.5 billion.
Wise predicted further growth in the coming financial year.
“We expect income to grow by between 28-33% in FY2024, and for income to grow by more than 20% CAGR over the medium-term,” the firm said in its results statement.
“We continue to expect our adjusted EBITDA margin to be at or above 20% over the medium term, but for it to remain higher than our target in FY2024 due to a higher proportion of interest income flowing to adjusted EBITDA," it added.
No dividend was declared. Shares leapt 18% to 620.42p.
(updated with share price reaction)