WiseTech share price surges on solid profit growth

• Cloud-based software solutions developer WiseTech saw its finanical year profits and revenue boom 33 per cent and 57 per cent respectively
• The company’s CargoWise One software is being used in 150 countries by the majority of global leaders in logistics providing and freight forwarding
• Revenue during the FY20 is expected to grow up to 32 per cent
• WiseTech’s share price is up 10.32 per cent today, currently sitting at $30.56 per share

Software developers WiseTech’s profits jumped 33 per cent, to $54.1 million, during the 2019 financial year.

Revenue also shot up by 57 per cent, totalling $348.3 million.

WiseTech’s Founder and CEO Richard White said the boom in profits and revenue are a sign of the company’s successful merge as a key international player in providing cloud-based software solutions.

“We continued to deliver high-quality growth in [the 2019 financial year]… a reflection of our strategy to accelerate WiseTech’s global growth and industry penetration, driven by geographical expansion, relentless innovation and deepening product capability,” Richard said.

WiseTech’s product, CargoWise One, is a single platform software solution which is designed to simplify communication, integration and automation between the supply chain.

The company highlighted 43 out of the top 50 global third-party logistics providers use its solutions software. Including, DHL, UPS and Toll.

Additionally, all 25 of the global leaders in freight forwarding use WiseTech’s solutions.

These companies have rolled out the use of the software in a combined 150 countries.

WiseTech invested $113 million in product development over the fiscal year and made 830 product enhancements to CargoWise One.

Revenue during the 2020 financial year is expected to grow between 26-32 per cent, reaching $440-460 million.

Shareholders will receive a fully franked final dividend of $0.0195 per share, an increase of 18 per cent from the 2018 fiscal year.

WiseTech’s share price is up 10.32 per cent today, currently sitting at $30.56 per share as of AEST 1:39 pm.