WiseTech FY2024 revenue up 28% on CargoWise growth

WiseTech Global reported a 28 percent increase in total revenue at A$1.04 billion for the year ended June 30, 2024 (FY2024) on 33 percent increase in CargoWise revenue at A$880 million.

"Revenue growth was driven by full and part year effects of FY23/FY24 M&A and customer growth including new large global freight forwarder (LGFF) rollouts," says an official release.

CargoWise customer penetration momentum continues with LGFF wins – Sinotrans, APL Logistics, Yamato Transport, TIBA Tech, Grupo TLA Logistics and Nippon Express, the release added.

EBITDA came in at A$495.6 million, up 28 percent, and underlying net profit after tax was A$283.5 million, up 15 percent on FY23.

“I am pleased to announce a strong full year financial performance, driven by the focused execution of our 3P strategy by WiseTech’s passionate and dedicated global team of almost 3,500 people," says Richard White, Founder and CEO, WiseTech. "EBITDA came in above our guidance range and EBITDA margin was 50 percent in the fourth quarter, over a full year ahead of expectations.

"CargoWise’s strong momentum continued throughout the year with the addition of TIBA Tech and Grupo TLA Logistics as new LGFF rollouts as well as the post year-end signing of Nippon Express, a top 10 global freight forwarder and Japan’s largest, taking us to 52 large global rollouts, and more than 50 percent of the Top 25 with the opportunity pipeline across the world’s major economies strengthening.

“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."

Outlook and guidance
The company anticipates FY2025 revenue of A$1.3–1.35 billion (representing revenue growth of 25–30 percent) and EBITDA of A$660–$700 million (representing EBITDA growth of 33–41 percent).

“We have the capability and capacity that no one else in this industry has, and we are achieving outcomes that have real impact for our customers and the industry we serve," says White. "Through the consistent execution of our product-led, 3P strategy, we are revolutionising major parts of the global logistics ecosystem as we expand our capabilities with the announcement of our three breakthrough product releases. 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.”