WiseTech: CargoWise revenue up 33% (ex FX) – 'continued business momentum'

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22/02/2022

Australia’s WiseTech has just released its fiscal H1 22 results (ended 31 December), with group revenues up 18% and ebitda rising 54%.

(All figures below in A$.)

Highlights:

– 1H22 Total Revenue of $281.0 million, up 18% (22% ex FX) on 1H21

– CargoWise revenue up 29% (33% ex FX) on 1H21, at $193.0 million, driven by Large Global Freight; Forwarder1 rollouts, new customer wins, price and increased existing customer usage

– Acquisition (non-CargoWise) revenue2 of $87.9 million, down 1% (up 2% ex FX) on 1H21

– Market penetration momentum continuing – two new global rollouts secured in 1H22 – FedEx and Access World – and Brink’s Global Services (Brink’s) signed post 31 December 2021

– Ongoing product development delivered 589 CargoWise new product features and enhancements and continued expansion of the CargoWise ecosystem

– Organization-wide efficiency and acquisition synergy program well-progressed – $20.2 million of gross cost reductions in 1H22 (net benefit $19.7 million)

– EBITDA of $137.7 million up 54% on 1H21 reflecting revenue growth and cost reductions

– EBITDA margin of 49% up 12 percentage points (pp) on 1H21, reflecting enhanced operating leverage

– Underlying NPAT3 of $77.3 million, up 77% on 1H21

– Robust free cash flow of $90.3 million, up 85% on 1H21

– Strong outlook: FY22 EBITDA guidance upgraded to 33% to 43% growth (from 26% to 38%). Revenue growth guidance of 18% to 25% reaffirmed.

The full statement can be read here.

The investor pack is here.