WISETECH Global’s 2021-22 financial year results show big increases in revenue and profits.
WiseTech founder and CEO Richard White said the “standout performance” shows the increasing resilience of the company’s business model.
For the 12 months to 30 June, the company reported total revenue of $632.2 million, up 25% on the previous financial year.
Its 2021-22 statutory NPAT of $194.6 million was up 80% and its underlying NPAT of $181.8 million was up 72%.
“In an environment of persistent supply chain constraints, inflationary pressures and COVID-related business disruption, to have delivered these outcomes is a real testament to the strength of our business,” Mr White said.
“37% growth in CargoWise revenues, excluding FX, shows the accelerating momentum of our core product. CargoWise added 10 new global customers in FY22. Signing five new global rollouts with UPS, Fedex and Craft Multimodal in the second half, and Brink’s and Access World in the first half, and a further five customers grew into the large global category in FY22 from smaller initial CargoWise deals. We now have 43 large global freight forwarder rollouts, of which 10 are in the Top 25.”
Mr White said there is a substantial growth opportunity available to the company by increasing penetration across its existing customer base through greater adoption of our existing capabilities.
“We also have a strong pipeline of potential new global customers which we are actively pursuing while continuing to expand through tuck-in acquisitions and potential strategically significant acquisition opportunities, supported by strong cash generation, a range of funding options and our proven M&A capability,” he said.
“We are taking advantage of the current environment by increasing the pace of our investment in R&D and high-quality talent to drive future revenue growth. We have a proven track record since our IPO of accelerated growth while generating strong returns. When combined with the benefits of our increasing scale and significant operating leverage, this provides a strong platform for long-term sustainable revenue and earnings growth.”
Mr White said COVID-related capacity constraints, port congestion and labour shortages experienced during the year resulted in an overloaded supply chain which could take some time to unwind.
“Demand for goods continues to outpace pre-COVID-19 levels, 4.9% above pre-COVID trendlines,” he said.
“While global trade flows remain strong, prevailing uncertainties relating to industrial production, international goods flow, and sovereign and geopolitical risk continue. Global freight forwarders and logistics organisations continue to accelerate their adoption of technology in the pursuit of improved productivity, and our new Large Global Freight Forwarder wins with leaders like UPS and FedEx demonstrate how CargoWise is rapidly becoming the industry standard.”
