WiseTech (ASX:WTC), a global provider of advanced logistics software, has reported a whopping 57 percent growth in revenues and a massive 37 percent net profit after tax for its full 2018-2019 financial year. Revenues generated in the last financial year stood at A$348.3 million and net profits were $54.1 million.
Sydney, Australia-headquartered WiseTech’s CargoWise software is used in 150 countries and counts 12,000 logistics companies as customers. Its software is provided on demand and as a service through the internet and customers pay for monthly usage.
The group reported A$348.3 million (US$348.3 million) of revenues, 57 percent up on the A$221.6 million (US$150.39) reported in previous 2017-2018 financial year. Australia’s financial year runs from July to June. One Australian dollar is equivalent to US$0.68 at the time of writing. The majority of the group’s revenues, 71.7 percent, are recurring on-demand revenues with the rest being split between one-time licence revenues and revenues from support services.
The group revealed a 72 percent jump in the cost of revenues from A$38.7 million to A$66.7 million. The other main costs incurred by the group include product design and development, A$84.2 million, up 58 percent; sales and marketing A$47.7 million, up 94 percent; and general and administration expenses of up $69.4 million, up 49 percent.