By Nina Kienle

Wise shares rose after the company said it plans to transfer its main listing to the U.S., the biggest market for the company's products, dealing a further blow to the London bourse, which has been suffering over the past couple of years.

Shares were up 63 pence, or 5.8%, at 11.46 pounds in early morning European trading. They are currently up 2.25% over the year to date.

The money-transfer company said Thursday that it will maintain a secondary listing on the London Stock Exchange, allowing shares to be traded in both markets. It plans to publish a circular on the proposal around June 26 and seek shareholder approval in the coming weeks.

The transfer looks to accelerate growth in the U.S., while allowing for future inclusion in major U.S. stock indexes, boosting visibility and demand, Wise said.

Meanwhile, the company said that underlying interest income for the year ended March 31 rose to 150.4 million pounds ($203.9 million) from 120.7 million pounds for the same period the prior year. Wise customer holdings grew by 33% to 21.5 billion pounds.

Cross-border volume increased 23% to 145.2 billion pounds, boosted by customer growth and greater adoption of the Wise account.

Pretax profit rose 17% to 564.8 million pounds, while net profit rose 18% to 416.7 million pounds.

Revenue rose 15% to 1.21 billion pounds.

"Powered by our new payments infrastructure that is fundamentally faster, cheaper, and more reliable than the traditional correspondent networks, we're well on our way to handle trillions, not just billions, and become 'the' global network for the world's money," Chief Executive Officer Kristo Kaeaermann said.

Flutter Entertainment--which houses FanDuel, PokerStars and Paddy Power among its brands--started trading in New York in January last year and made that its prime listing from May 31, 2024 while British chip maker Arm Holdings chose New York over London for its stock market return in September 2023.

German travel company TUI quit London in June 2024 and Indivior switched its main listing to the U.S a month earlier, while retaining a secondary listing in the U.K.

More recently, equipment rental company Ashtead confirmed plans to switch its listing to New York in February with the move expected to complete in the first quarter of next year.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

June 05, 2025 03:14 ET (07:14 GMT)

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