WiseTech Global Ltd has reported robust financial results for the fiscal year ending June 30, 2024, reflecting significant growth across key metrics.
The company recorded total revenue of A$1,041.7 million, marking a 28% increase from the previous year, with organic growth contributing 15%.
This strong performance was driven by a notable 33% rise in CargoWise revenue, which reached A$880.3 million.
The growth was bolstered by mergers and acquisitions (M&A) activities and an expanding customer base, including new rollouts by Large Global Freight Forwarders (LGFF).
WiseTech also reported an impressive 48% EBITDA margin, surpassing expectations, with an EBITDA of A$495.6 million, up 28% from FY23.
The underlying net profit after tax (NPAT) increased by 15% to A$283.5 million, while the statutory NPAT rose 24% to A$262.8 million. Additionally, the company generated a strong free cash flow of A$333 million, representing a 14% year-on-year growth.
The company's final dividend for FY24 stands at 9.2 cents per share, reflecting a 10% increase and a payout ratio of 20% of the underlying NPAT.
CargoWise continues to gain traction with recent wins including top 25 LGFFs Sinotrans and Nippon Express as well as APL Logistics, Yamato Transport, TIBA Tech and Grupo TLA Logistics.
Looking ahead, WiseTech has announced three significant product releases for FY25 — CargoWise Next, Container Transport Optimization and ComplianceWise — with rollouts scheduled to begin in the first half of the year.
Step change in product capabilities
“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,” WiseTech founder and CEO Richard White said.
“EBITDA came in above our guidance range and EBITDA margin was 50% 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 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, taking us to 52 large global rollouts, and more than 50% 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.”