WiseTech Global (WTC) H2 2024 earnings summary

Executive summary

• Achieved strong FY 2024 results, with EBITDA margin reaching 50% in Q4, a year ahead of schedule, driven by the 3P strategy and operational leverage.

• Launched three breakthrough products: CargoWise Next, Container Transport Optimization, and ComplianceWise, expanding product capabilities and addressing key industry pain points.

• Secured major new customers, including Nippon Express and Sinotrans, increasing large global rollouts to 52 and covering over 50% of the top 25 global freight forwarders.

• Over 50 Large Global Freight Forwarders now on CargoWise, including more than half of the Top 25.

• Solid foundation and momentum established for FY25 and beyond.

Financial highlights

• FY 2024 total revenue was AUD 1.04 billion, up 28% year-over-year; organic revenue growth was 15%.

• CargoWise revenue grew 33% to AUD 880.3 million, with 19% organic growth.

• EBITDA increased 28% to AUD 495.6 million, with a margin of 48%.

• Underlying NPAT rose 15% to AUD 283.5 million; free cash flow up 14% to AUD 333 million.

• Final dividend of AUD 0.092 per share, up 10%, with a 20% payout ratio.

Outlook and guidance

• FY 2025 revenue expected between AUD 1.3–1.35 billion, representing 25%–30% growth.

• CargoWise revenue projected to grow 31%–37%; EBITDA guidance of AUD 660–700 million, with margin exit rate around 53%.

• Revenue expected to be significantly second-half weighted due to timing of new product launches.

• Company-wide efficiency program target increased to AUD 50 million annual run rate savings.

• Reporting currency to switch to US dollars from FY 2025.