AUSTRALIAN-listed logistics provider, Wiseway Group, announced its trading update for the three months up to 31 December 2021 (Q2 FY22).
Highlights included revenue growth of 19% to $46.5 million in Q2 FY22 compared to $38.7 million in Q2 FY21.
The result was driven primarily by significant growth in road transportation – up 89% to $1.7 million compared to $0.9 million in the previous corresponding period (pcp). It can also be attributed to a 68% increase in imports and distribution – up 68% to $4.2 million from $2.5 million compared to pcp – and an increase in perishables, up 62% to $11.2 million from $6.9 million compared to pcp.
Overall, air freight sales were up 6% to $25 million and sea freight sales were up 7% to $1.5 million.
Wiseway CEO, Roger Tong said, “We saw solid performance across our key business segments amid challenging market conditions.
“Revenue continued to increase in our growth business segments including road transportation, imports and distribution and perishables which demonstrates Wiseway’s increasingly diversified business model.”
Meanwhile, air freight dry cargo volume steadily grew compared to pcp and to Q1 FY22, despite the ongoing supply chain disruptions and the impact of COVID-19 on international flights.
“Our strategic investment program continues to deliver new and organic growth opportunities, increased supply chain efficiencies and revenue synergies with revenue from the offshore operations in China, the newly acquired Singapore business and the US operations starting to flow,” Mr Tong said.
Wiseway remains cautiously optimistic that the freight and logistics industry growth is expected to continue, as the pressures on international supply chains begin to ease in the future.
Since its establishment in 2005, Wiseway has grown to become one of the top three outbound air freight logistics providers in Australia. With operation hubs in Australia, the US, and the Asia Pacific, the company provides specialist cross-border logistics services including air freight, sea freight, import, domestic transportation, warehousing, and customs clearance.