The logistics software solutions provider adds 22 companies and grows profits by more than $8.5 million.
WiseTech Global recorded strong growth in earnings and revenues for fiscal year 2018 as the company aggressively ramped up its global footprint and technology through numerous acquisitions.
Since the start of fiscal 2018 — which ran from July 1, 2017, through June 30, 2018 — until now, WiseTech has acquired, or announced the acquisition of, 22 companies. Fifteen of these acquisitions were completed in fiscal 2018.
The Australia-based logistics software solutions provider’s latest financial statements revealed that net profit for the fiscal year totaled AUD $40.8 million (U.S. $30 million), up from AUD $32.2 million for fiscal 2017.
WiseTech’s earnings before interest, taxes, depreciation and amortization (EBITDA) and revenues for fiscal 2018 exceeded its May projection for the fiscal year, when the company said it anticipated EBITDA would range between AUD $71 million and AUD $75 million and revenues would range between AUD $210 million and AUD $220 million.
EBITDA reached AUD $78 million for fiscal 2018, up 45 percent from the prior fiscal year.
Revenues for fiscal 2018 totaled AUD $221.6 million, jumping 44 percent year-over-year, which WiseTech attributed to the numerous acquisitions, continued strong organic growth across its global business and the addition of more than 550 internally developed product enhancements and features to its flagship CargoWise One technology platform.
As a single-platform software solution that executes more than 44 billion data transactions annually, CargoWise One allows logistics service providers to execute highly complex transactions in areas such as freight forwarding, customs clearance, warehousing, shipping, tracking, land transport, e-commerce and cross-border compliance.
WiseTech on Wednesday also declared a final dividend of AUD 1.65 cents per share, payable Oct. 8. The dividend will be fully franked and the record date is Sept. 12.
Additionally, WiseTech on Wednesday announced the appointment of Andrew Harrison as independent non-executive chair. Harrison will succeed long-term non-executive chair Charles Gibbon, who will remain on the board as a non-executive director.
Last week the company announced the acquisition of Los Angeles-based intermodal trucking software provider Trinium Technologies, which is expected to be consolidated into WiseTech’s accounts in October. WiseTech said Wednesday, “We will continue to execute on our considerable pipeline of near-term, mid-term and long-term acquisition opportunities in our target areas of Asia, Europe and North America.”
Buying spree pads WiseTech’s earnings
