Covid-19 boosts WiseTech – annual report here

Hot key for expectations

The SIDNEY MORNING HERALD reports:

WiseTech says global trade appears to be recovering from its COVID-19 malaise and signalled that the pandemic might be accelerating the use of its global logistics software by major freight forwarders and logistics groups.

The company, which provides software services for the trillion-dollar global logistics industry, shredded short sellers when its stock rocketed by as much as 35 per cent to a high of $28.46 on Wednesday after the release of its 2020 results. The announcement included four new significant customers for the half year – as many as it won in the previous two years.

“We’ve seen a marked upturn in sales,” said WiseTech chief Richard White.

“COVID-19 market disruptions have provided a long-term tailwind for growing our market share as the need for digitalisation across the global logistics execution market accelerates and significantly increases the value and demand for CargoWise,” he said with reference to the company’s flagship product.

WiseTech also reported signs of a logistics industry recovery from COVID.

“Container bookings on CargoWise is up year-on-year in July as freight volumes recover,” said Citi analyst Siraj Ahmed.

– To read the full post, please click here.

– More here: “WiseTech Global shares climb 29% on FY20 revenue and EBITDA growth“.

– And here: “ASX finishes up as WiseTech, healthcare soar“.

– Its fiscal 2020 results can be found here, with the full details at this link.

– Stock up 33.9% on Wednesday.