Half-year Report

RNS Number : 9227T

Wise PLC

29 November 2021

 

Wise plc

29 November 2021

Release of unaudited historic financial information

Wise is today releasing selected historic consolidated financial statements on an unaudited half yearly basis for the year ended 31 March 2021.

Enquiries

Martin Adams - Head of Owner Relations

[e-mail]

Condensed consolidated statement of comprehensive income (unaudited)

	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

Condensed consolidated statement of financial position (unaudited)

	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

Condensed consolidated statement of cash flows (unaudited)

£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

Condensed consolidated statement of changes in equity (unaudited)

£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

 

END

 

 

IR FLFVSLSLAFIL