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Wisetech sees long-term tailwinds from COVID despite short-term clouds

Logistics software maker WiseTech has warned its revenue growth could drop into the single digits this year as COVID-19 hits global trade, but the pandemic will drive more companies to digitise their operations.

“COVID-19 market disruptions have provided a long-term tailwind for growing our market share as the need for digitalisation across the global logistics execution market accelerates and significantly increases the value and demand for CargoWise,” WiseTech chief Richard White, said, with reference to the company’s flagship product.

He said a number of clients expanded their rollouts of the product, but the company remained cautious about the outlook for the current year given the unpredictable outbreaks of the pandemic.

WiseTech chief executive Richard White says the pandemic will produce longer term tailwinds for the business.

WiseTech chief executive Richard White says the pandemic will produce longer term tailwinds for the business. Credit:Peter Braig

Based on current market conditions, WiseTech anticipates revenue growth in the range of 9 to 19 per cent which translates to revenue of $470 million to $510 million. It predicts earnings before interest, tax depreciation and amortisation (EBITDA) growth of 22 to 42 per cent, which would be in the range of $155 million to $180 million.

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