WISETECH Global reported a total revenue of $507.5 million for the 2020-21 financial year – an increase of 18% on the previous year.

Revenue from the company’s software platform, CargoWise, was up 31% on the previous year.

WiseTech founder and CEO Richard White said the strong CargoWise revenue growth in the year demonstrates industry recognition of its customer value proposition.

“We have continued to gain momentum in our market penetration with six new CargoWise global rollouts by large global freight forwarders secured in FY21, and the signing of FedEx post 30 June 2021,” he said.

“Importantly, we have a strong pipeline of potential new global customers, which we are actively pursuing.

“Our top line revenue growth, coupled with our ability to implement organisation-wide efficiencies and extract acquisition synergies, has enabled us to achieve a marked step change in operating leverage that is evident in our strong FY21 financial performance.”

Looking at market conditions, Mr White said there continues to be a goods-led recovery in global trade resulting in tighter capacity, congestion and higher rates in global logistics channels.

“Whilst these higher rates do not translate into immediate revenue growth for WiseTech, we are benefitting from the acceleration of the longer-term structural changes that they are driving,” he said.

“In particular, we are seeing consolidation within the sector and increased investment in replacing legacy systems with integrated global technology, such as CargoWise, that drives productivity and facilitates planning, visualisation and control of global operations.”

Following the announcement of the company’s results, a trading frenzy broke out. WiseTech stock exploded in value to a record high of $57.31 per share before closing at $45.60.