WiseTech Global Announces Impressive FY21 Profit Margin

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WiseTech Global Announces Impressive FY21 Profit Margin

  • WiseTech Global (ASX: WTC) is a leading global provider of software solutions for the logistics industries.
  • Total revenue of $507.5 Million, up 18 Percent, Gross profit was $429.5 Million for FY21, a 22 Percent increase
  • EBITDA $206.7 Million up 63 Percent on Financial Year 2020

Prominent WAAX player, WiseTech Global (ASX:WTC) has shown remarkable success story in the wake of pandemic. Displaying resilience through 2020, WiseTech shares soared 3x last year post March dip. When referring to WAAX Shares, you are referring to a group of five ASX technology shares: WiseTech Global Ltd (ASX: WTC), Afterpay Ltd (ASX: APT), Appen Ltd (ASX: APX), Altium Limited (ASX: ALU), and Xero Limited (ASX: XRO). Because they are all technology companies, the WAAAX shares are often compared to the US FAANG stocks – Facebook, Amazon, Apple, Netflix, and Google.

The Sydney-based logistics firm has taken a deep dive into the technology sphere over the recent years. The expansion has been beneficial to WiseTech, also evident from strong financial and operational footing of the company in FY20. WiseTech Global (ASX: WTC) is a leading global provider of cloud-based software solutions for the international and domestic logistics industries. Its leading product, CargoWise One, provides a comprehensive, end-to-end global logistics solution used by over twelve thousand companies worldwide for logistics and inventory management.

As well as its Family of brands of numerous logistics solutions, the cloud-based logistics software company WiseTech Global Limited (ASX: WTC) has been trading in green ever since its FY21 results impressed investors. In its stunning FY21 results, the software company yesterday reported total revenue of AU$507.5 million, an increase of 18 million compared to the previous year. Revenue recorded was at par with top end of guidance range of AU $470-AU $510 million.

For FY21, WiseTech has reported a gross profit of AU$429.5million, up 22% compared to the previous year. This has resulted in a gross profit margin of 85% for the software business. The Company’s EBITDA was recorded at AU$206.7 million, representing a year-on-year growth rate of 63 Percent and an earning margin of over 40 Percent. The Company has also reported a decrease in its basic earnings per share by 34 Percent to 33.3 cents. WiseTech Global Net profit after tax (NPAT) doubled to AU$105 million in a year.

The directors of the Company declared a fully franked final dividend of 3.85 cents per share, up 141 Percent, bringing total dividend for FY21 to 6.55 cents per share. Final dividend is payable on 8 October 2021. WiseTech has been able to gain significant market share through it’s handling of the COVID-19 Pandemic and its management of the company’s employees and supply chains and its unlimited potential in the future with its products.

WiseTech Global has emerged stronger from the challenges of COVD-19, backed by various strategic policies. These include providing real-time data to assess impact on businesses, strong customer support, better-developed technology, and more efficient production. WiseTech Global has been able to transform itself into a more efficient company throughout the COVID-19 Pandemic and will be able to continue the stellar performances now and beyond, accelerating an already superbly successful company into a new league.

Louis Mosmann

Louis Mosmann is a Private Wealth Client and Research Assistant at KOSEC- Kodari Securities. Louis covers macroeconomic events, global markets and ASX300 company announcements, allowing clients to make more informed investment decisions. Email Louis at l.mosmann@kosec.com.au.

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