Logistics software venture WiseTech sees shares soar after profit jump

Wisetech Global CEO & founder Richard White.

 

  • WiseTech is a Sydney-based logistics company that’s pushed hard into tech in recent years
  • Its shares jumped after beating its own revenue growth predictions for FY19
  • The company has invested heavily in tech development and acquisitions to scale rapidly
  • Operating profit increased 37% to $80.2 million
WiseTech Global shares soared nearly 10% to $30.26 this morning after the logistics software startup topped its own forecasts and announced a 57% increase in revenue to $348.3 million in FY19.

WiseTech (ASX: WTC) had predicted growth of 47-53% and expanded rapidly in Fy19, acquiring 15 companies in nine countries since July 1 last year, alongside a $300 million capital raise in March.

Read Full Content Here […]