WiseTech Cuts Fiscal 2025 Guidance in Wake of Ex-CEO's Controversies; Shares Tumble 8%

MT Newswires Live11-22 09:14

WiseTech Global (ASX:WTC) downgraded its fiscal 2025 revenue guidance due to the delayed launch of its Container Transport Optimization amid controversies hounding former Chief Executive Richard White, according to a Friday filing with the Australian bourse.

The technology company now expects fiscal 2025 revenue of AU$1.2 billion to AU$1.3 billion, representing growth of 15% to 25% on the prior year. This is lower than the revenue guidance range of AU$1.3 billion to AU$1.35 billion announced in August. Analysts polled by Visible Alpha are looking for AU$1.33 billion.

Earnings before interest, taxes, depreciation, and amortization are forecast to be between AU$600 million and AU$660 million, an increase of 21% to 33% year on year. This is down from a prior guidance of AU$660 million to AU$700 million. Analysts surveyed by Visible Alpha expect AU$687 million.

"As a result of distractions flowing from the recent media attention and the organizational changes that have subsequently been implemented, the commercial launch of Container Transport Optimization has been delayed. It is now expected to launch in the second half of FY25, resulting in a delay to anticipated revenue," the company stated.

White stepped down in October due to a series of scandals facing the billionaire founder, including his alleged use of company funds to support a former partner.

WiseTech's shares tumbled more than 8% in recent Friday trade.

Price (AUD): $127.47, Change: $-11.46, Percent Change: -8.25%

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