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WiseTech Global Limited (ASX:WTC) provides cloud-based software solutions to the logistics industry worldwide. The company develops, sells, and implements software solutions that enable logistics service providers to facilitate the movement and storage of goods and information.
WiseTech Global Limited has recently announced its 1H FY19 results for the period ended 31 December 2018. As per the report the business has delivered a high-quality growth in 1H19. The companyâs total revenue grew by 68% to reach levels of $156.7 million. Increased revenue growth was driven on the back of increased transaction and user growth within the existing customer base, new customers and growth from customers won in FY18 and FY17 as well as the strategic acquisitions completed in the half year mentioned and FY18.
The strength of the companyâs CargoWise One global platform is reflected in its 100% recurring revenue, and annual customer attrition rate of less than 1% and its EBITDA margin is clocked at 49%, which was delivered while enlarging the companyâs reach across key trade regions and significantly expanding its pipeline of innovation. CargoWise One continues to be a one of its kind powerhouse technology changing global logistics for the better.
The organic revenues from the companyâs existing and new customers delivered nearly half of the companyâs total revenue growth period on period. This 89% increase in growth on 1H18 reflects increased usage across the companyâs existing customer base, the revenue from customers that have transitioned from temporary pricing arrangements and foreign exchange impact. The revenue from existing customers increased by $25.5m in 1H FY2019. Given the companyâs growing global reach across more than 12,000 logistics organisations, many new sales will appear in the existing customer category due to a current relationship for a select component or region.
The growth witnessed in the organic revenue from existing and new customers was on the back of a continued increased usage of the CargoWise One platform by existing customer organisations adding transactions, users and new sites and consolidating operations, the transition of customer licensing to standard transaction-based licensing; receiving revenue from new products and features; and on-boarding of new sales and increased usage by new customers.
The management expects the FY19 revenues to be in the range of $322 million - $335 million, and a revenue growth ranging between 45% - 51%. Also, the management expects an Earnings Before Interest Tax Depreciation & Amortisation of $102 million - $107 million and an EBITDA growth ranging between 31% - 37% for FY19.
Now, let us have a quick look at WiseTech Global Limitedâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $21.03, trading down by 10.09 % during the dayâs trade with a market capitalisation of ~$ 7.04 Bn. The counter opened the day at $23.000, which was also the dayâs high and touched the dayâs low of $19.800 with a daily volume of 1,601,302. The stock has provided a Year Till Date return of 37.35% & also posted gains of 49.74%, 44.65% & 18.73% over the past six months, three & one-months period respectively. It had a 52-week high price of $25.000 and touched 52 weeks low of $9.180, with an average volume of 535,538 approximately.
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