Wise Group Regulatory News (WISE)

Year ended

Half-year ended

Half-year ended

£m (unless otherwise noted)

31 March 2021

30 September 2020

31 March 2021

Revenue

421.0

192.2

228.8

Cost of sales

(151.7)

(71.8)

(79.9)

Net credit losses on financial assets

(8.8)

(1.2)

(7.6)

Gross profit

260.5

119.2

141.3

Administrative expenses

(217.5)

(97.6)

(119.9)

Interest income from investments and operating assets

1.9

1.0

0.9

Interest expense from operating assets

(3.8)

(1.6)

(2.2)

Other income

3.8

1.1

2.7

Operating profit

44.9

22.1

22.8

Finance expense

(3.8)

(2.1)

(1.7)

Profit before tax

41.1

20.0

21.1

Income tax expense

(10.2)

(5.4)

(4.8)

Profit for the period

30.9

14.6

16.3

Other comprehensive income

Items that may be reclassified to profit or loss:

Fair value (loss)/gain on investments

(3.0)

0.2

(3.2)

Currency translation differences

(3.8)

0.3

(4.1)

Total other comprehensive (loss)/income

(6.8)

0.5

(7.3)

Total comprehensive income for the period

24.1

15.1

9.0

As at 31 March

As at 30 September

As at 31 March

£m

2020

2020

2021

Non-current assets

Deferred tax assets

32.0

38.7

56.7

Property, plant and equipment

19.1

16.7

24.0

Intangible assets

21.3

24.4

27.5

Trade and other receivables

7.6

8.3

15.1

Total non-current assets

80.0

88.1

123.3

Current assets

Current tax assets

2.1

1.7

1.1

Trade and other receivables

102.6

89.2

81.3

Short-term financial investments

114.1

289.3

737.5

Cash and cash equivalents

2,077.6

2,872.1

3,358.6

Total current assets

2,296.4

3,252.3

4,178.5

Total assets

2,376.4

3,340.4

4,301.8

Non-current liabilities

Deferred tax liabilities

-

-

2.0

Non-current borrowings

59.6

9.0

95.2

Non-current trade and other payables

7.4

9.5

22.6

Total non-current liabilities

67.0

18.5

119.8

Current liabilities

Borrowings

4.2

28.3

3.5

Current tax liabilities

0.7

0.8

2.0

Trade and other payables

2,107.7

3,051.2

3,891.2

Total current liabilities

2,112.6

3,080.3

3,896.7

Total liabilities

2,179.6

3,098.8

4,016.5

Equity

Share capital

9.4

9.4

9.4

Equity merger reserve

111.1

112.0

(8.0)

Share-based payment reserves

63.8

90.0

124.5

Own shares reserve

-

-

-

Other reserves

2.3

2.5

(0.7)

Retained earnings

8.9

26.1

162.6

Currency translation differences

1.3

1.6

(2.5)

Total equity

196.8

241.6

285.3

Total liabilities and equity

2,376.4

3,340.4

4,301.8

£m

Year ended

Half-year ended

Half-year ended

31 March 2021

30 September 2020

31 March 2021

Cash flows from operating activities

Cash generated from operations

2,076.3

1,012.0

1,064.3

Interest received

7.6

2.7

4.9

Interest expense paid

(6.0)

(2.7)

(3.3)

Corporate income tax paid

(4.0)

(0.8)

(3.2)

Net cash generated from operating activities

2,073.9

1,011.2

1,062.7

Cash flows from investing activities

Payments for property, plant and equipment

(2.3)

(1.1)

(1.2)

Payment for intangible assets

(20.9)

(10.1)

(10.8)

Payments for financial assets at FVOCI

(723.9)

(222.7)

(501.2)

Proceeds from sale and maturity of financial assets at FVOCI

75.3

41.1

34.2

Net cash used in investing activities

(671.8)

(192.8)

(479.0)

Cash flows from financing activities

Proceeds from issues of shares and other equity

0.9

0.9

-

Proceeds from borrowings

118.6

25.0

93.6

Repayments of borrowings

(90.0)

(50.0)

(40.0)

Payments for lease liabilities

(4.7)

(2.4)

(2.3)

Net cash generated from financing activities

24.8

(26.5)

51.3

Net increase in cash and cash equivalents

1,426.9

791.9

635.0

Cash and cash equivalents at beginning of the period

2,077.6

2,077.6

2,872.1

Effects of exchange rate changes on cash and cash equivalents

(145.9)

2.6

(148.5)

Cash and cash equivalents at end of the period

3,358.6

2,872.1

3,358.6

£m

Share capital

Equity merger reserve

Share-based payment reserves

Own shares reserve

Other reserves

Retained earnings

Currency translation differences

Total equity

At 1 April 2020

9.4

111.1

63.8

-

2.3

8.9

1.3

196.8

Profit for the period

-

-

-

-

-

14.6

-

14.6

Fair value gain on investments

-

-

-

-

0.2

-

-

0.2

Foreign currency translation differences

-

-

-

-

-

-

0.3

0.3

Total comprehensive income for the period

-

-

-

-

0.2

14.6

0.3

15.1

Share-based employee compensation expense

-

-

18.0

-

-

-

-

18.0

Deferred tax on share-based compensation

-

-

10.8

-

-

-

-

10.8

Share options exercises

-

0.9

(2.6)

-

-

2.6

-

0.9

At 30 September 2020

9.4

112.0

90.0

-

2.5

26.1

1.6

241.6

Profit for the period

-

-

-

-

-

16.3

-

16.3

Fair value loss on investments

-

-

-

-

(3.2)

-

-

(3.2)

Foreign currency translation differences

-

-

-

-

-

-

(4.1)

(4.1)

Total comprehensive income for the period

-

-

-

-

(3.2)

16.3

(4.1)

9.0

Reduction of share capital

-

(120.0)

-

-

-

120.0

-

-

Share-based employee compensation expense

-

-

18.9

-

-

-

-

18.9

Deferred tax on share-based compensation

-

-

15.8

-

-

-

-

15.8

Share options exercises

-

-

(0.2)

-

-

0.2

-

-

At 31 March 2021

9.4

(8.0)

124.5

-

(0.7)

162.6

(2.5)

285.3