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Logistics software solution provider WiseTech Global (ASX:WTC) released its FY22 results today that have impressed investors and well exceeded market expectations.
Underlying NPAT soared 72% to $181.8 million on the back of price increases in H2 of the financial year, total revenue rose 26% to $632.2 million, EBITDA increased 54%, net cost reductions of $32.6 million, and the company announced a final dividend of 6.4 cents per share, an increase of 66% on FY21.
In a year where global supply chains were heavily disrupted, WiseTech Global thrived through its CargoWise global software platform for international logistics service providers, including the signing of five new rollouts of CargoWise signed in FY22.
On the expansion front, WiseTech Global completed two takeovers in FY22, acquiring Inobiz and Hazmatica.
The logistics software provider also provided FY23 guidance including EBITDA between the range of $385 million -$415 million and revenue growth between 20%-23%.
Looking at broker ratings since the results were released, Citi has maintained its neutral rating and price target of $51 per share on WiseTech Global after the company reported cash conversion declined in FY22.
However, investors are piling into WiseTech Global shares today, driving the share price up 10.75% today so far.