Shares in Australian tech darling WiseTech are going nuts

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  • WiseTech full year revenue $221.6 million, up 44%.
  • Net profit attributable to equity holders $40.8 million, up 28%.
  • 2019 revenue guidance of $315 million to $325 million, growth of 42%-47%.

Shares in WiseTech Global soared after the Australian software solutions provider for logistics companies released annual results showing strong growth in revenue.

At the close, the shares were up 27.2% to $19.90.

The company, which floated on the ASX in 2016 with IPO price of $3.35, posted a 44% increase in revenue to $221.6 million over the year to June.

Net profit after tax was up 28% to $13.9 million.

Founder and CEO Richard White says the company is focused on accelerating global growth and industry penetration, driven by geographic expansion, innovation and deepening product capability.

“We are expanding into more products, more geographies and more adjacencies driving our long-term growth with each innovation and acquisition,” he says.

White started the company from his basement in the 1990s with only four staff and a credit card.

Its core product is software package CargoWise One, which lets freight and shipping companies companies keep track of their goods.

The company expects 2019 revenue growth of 42% to 47%, between $315 million and $325 million.

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