WiseTechs results and share price are a giant F You! to the short-sellers who predicted the software giants death in 2020
Summary
The result is a vindication for founder and CEO, Richard White, who spent late 2019 and and early 2020 fending off a trio of attacks from the short-sellers that drove the share price down from just under $40, 4.5 years ago to below $12 in March 2020 as the pandemic shut down borders and economies. “I am pleased to announce a strong first half financial performance, driven by the focused execution of our 3P strategy by WiseTech’s passionate and dedicated team of more than 3,300 people,” the CEO said. “Our highly cash generative business model and strong liquidity continues to provide a solid platform to fund long-term sustainable growth. Innovation remains a critical driver of our growth.” After kicking off 2023 with acquiring US rail logistics firm Blume Global for $602 million, WiseTech gobbled up Melbourne shipping container marketplace MatchBox Exchange for an undisclosed some last October. “Our acquisition of MatchBox Exchange added another key component to CargoWise’s Landside Logistics capability and will deliver significant efficiency and productivity benefits for our customers.