LOGISTICS software developer WiseTech Global has released its results for the financial year ending 30 June 2024 (FY24).
The Australian company, headquartered in Sydney, has reported a strong financial performance, paired with growth that was “ahead of expectations”.
The company’s total revenue for FY24 was $1.04 billion (AUD), up 28% from FY2023, while EBITDA was $495.6 million, up 28% from FY23, with the EBITDA margin of 48% ahead of expectations.
WiseTech’s big earner in CargoWise, the logistics software platform developed by the company, saw a revenue of $880.3 million, up 33% from the previous year, which the company says was driven by full and part year effect of FY23/FY24 mergers and acquisitions and customer growth.
WiseTech reported an underlying net profit after tax (NPAT) of $283.5 million, up 15% from FY23, with statutory NPAT up 24% at $262.8 million.
The company says CargoWise customer penetration momentum continues with large global freight forwarder wins, including Sinotrans, APL Logistics, Yamato Transport, TIBA Tech, and Grupo TLA Logistics, with Nippon Express secured post year-end.
WiseTech Founder and CEO Richard White said he is pleased to announce the strong full year financial performance, driven by the focused execution of the company’s “3P” strategy, Product, Penetration, and Profitability.
“CargoWise’s strong momentum continued throughout the year with the addition of TIBA Tech and Grupo TLA Logistics, as new Large Global Freight Forwarder (LGFF) rollouts, as well as the post year-end signing of Nippon Express, a Top 10 global freight forwarder and Japan’s largest” Mr White said.
“Importantly, our three breakthrough product releases CargoWise Next, Container Transport Optimization and ComplianceWise, will present a step change in our product capabilities, growth and value to customers.
“Building on our capabilities across our key development areas, the productivity advantages we expect to deliver for our customers are significant and have the potential to change the commercial models of the industry and make the adoption of our software mission critical to remain competitive.”
WiseTech’s outlook for FY25 anticipates revenue of between $1.3 and $1.35 billion (representing revenue growth of 25% to 30%), and EBITDA of between $660 million to $700 million (representing EBITDA growth of 33%–41%).
“Through the consistent execution of our product led, 3P strategy, we are revolutionizing major parts of the global logistics ecosystem as we expand our capabilities with the announcement of our three breakthrough product releases” Mr White concluded.
“CargoWise, our world-leading solution, is making it easier for large global players to operate more efficiently and effectively and has driven vast improvements across the industry.
“Our strategic vision is to be the operating system for global logistics, and we are accelerating our pace to achieve this vision.”
