Market Mover | WiseTech rockets 15% as FY24 profit soars
Today, the logistics tech company, $WiseTech Global Ltd (WTC.AU)$, announced a robust FY24 financial outcome. Shares of WiseTech soared 15.10% to reach A$108.63 in morning trade.
Highlights in FY24 financial report
1. WiseTech delivered a robust financial performance in its FY24 report, marking a significant leap in total revenue to A$1.04 billion, a 28% year-on-year increase. The company's cornerstone product, CargoWise, growing by 33%, reaching A$880.3 million in revenue. EBITDA soared to A$495.6 million, a 28% rise over FY23, with the EBITDA margin strengthening to 48%, up 0.4 percentage points from the previous year. These results have surpassed the high end of the company's guidance range, showcasing a triumphant fiscal year for WiseTech.
2. WiseTech is set to accelerate its future growth with the announcement of three groundbreaking product releases for FY25. Scheduled for rollout in the first half of 2025, the new offerings—CargoWise Next, Container Transport Optimization, and ComplianceWise—are expected to present a step change in its product capabilities, growth, value to its customers, and to further bolster WiseTech's market position and drive expansion.
3. WiseTech has declared a fully franked final ordinary dividend of 9.2cps, representing a 10% increase on the FY23 final dividend, due to its profit soars.
According to Mr White, CEO of WiseTech,
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. 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. 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.
FY25 financial outlook
WiseTech Global is projecting a significant leap in its FY25 revenue, with an anticipated range of A$1.3 billion to A$1.35 billion, signifying robust year-over-year growth of 25% to 30%. The company also forecasts an impressive EBITDA in the band of A$660 million to A$700 million, reflecting an EBITDA growth rate of 33% to 41%. Furthermore, WiseTech eyes a full-year EBITDA margin within the bracket of 51% to 52%.
Source: ASX
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