ASX 19/02/2020 10:18:22 AM 9 WTC continued strong growth, revenue up 31%, EBITDA up 29%
26353 trades $61 million todate!!
Page 9 of this asx announcement today
19/02/2020 10:18:22 AM
WTC continued strong growth, revenue up 31%, EBITDA up 29% (uploaded)
Outlook FY20
WiseTech Global Founder and CEO, Richard White, said “The predicted early 2020 recovery from the end of 2019 trade volume softness within the logistics industry (as a result of US-China trade war), was in effect in early January. However, the unexpected outbreak of coronavirus (COVID-19) and the effective shutdown of China, a critical driver of the global manufacturing supply chain and a ~16% contributor to global GDP, is creating negative flow-on effects to manufacturing, slowing supply chains and economic trade across the world. While we have a diversified array of revenue drivers that provide resilient organic revenue growth across our global platform, we do anticipate that the manufacturing slowdown will delay execution of logistics activities by logistics service providers.”
“The speed of recovery of China manufacturing, replenishment of inventories worldwide and restoration of supply chain volumes, once started, will likely create a significant rebound in volumes and logistics transactions, however, the interim delay may cause some transactional revenues to move into the next reporting period and potentially delay the launch of new products planned for 2H20.”
“Despite this, what has not changed throughout this period is the accelerating adoption and continued rollout of the CargoWise solution among our customers. While these short-term challenges represent immediate headwinds for industry and the world economy, they in no way diminish the rising demand drivers for our platform among logistics providers. Our success has been founded on a long-term focus and strategy which has enabled us to make deep investments to cement our technology and product leadership. We will continue to focus on delivering on our five levers of growth as we build the operating system for global logistics.”
“We have delivered strong progress in 1H20 across our technology and operations, which will create long-term value for our shareholders, and we will continue to drive the business through 2020 and beyond in the uncompromising execution of our strategy.”