Integrated freight and logistics operator, Wiseway Group, has released its financial results for the six months ended 31 December 2022 (1H2023).
Group revenue grew to $54,991 million in 1H2023 compared with $52,781 million in 2H2022.
There has been an encouraging turnaround in Wiseway’s core Australian divisions, with a reported EBITDA of $2.4 million.
The Group’s imports operations and sea freight operations have seen an over 23 per cent increase respectively, with the perishables division reporting the biggest improvement of over 79 per cent. The big growth is a result of the company’s continued efforts to diversify its revenue streams.
The company attributes the overall growth on improving business environment, strong customer relationships, a focus on cost management and margin improvement, and a diversified business model.
“Our Australian business has consistently performed and delivered profits and value for our shareholders,” said Wiseway Co-Founder and Managing Director, Florence Tong. “It is pleasing to see the company’s imports operations rebound and our perishables divisions doing very well throughout the period.”
The overseas divisions have reported mixed profitability as the company continues to invest in building its global network.
“Wiseway’s overseas operations have seen mixed results in 1H23, as the company continues to invest in building its global network. Achieving growth and profitability in Wiseway’s overseas operations will be a key focus for management in the coming months,” Tong said.
“Management believes that business performance will improve in the next 12 months as these impacts abate. Importantly, we are seeing early indications that sales volumes are rising across the board. With China’s reopening this calendar year we should see a marked pick-up across relevant sectors.
“Furthermore, management has started implementing measures to cut costs and improve productivity and margins, following investments for growth in recent years. These initiatives include rightsizing assets and staff, consolidating contracted services and exploring additional financing opportunities.
“The Group has maintained solid revenue growth in our Australian business division. This provides a springboard for Wiseway’s international business divisions to gain momentum and attract more customers, as we work towards sustainable profitability in our new growth segments.
“With the tactical investments and foundations in place, we will focus on untapped and underserviced markets in the Asia Pacific region, and gain enhanced access to the fast-growing markets in North America and Asia.
“Our diversified business model, growing customer base, strategic industry partnerships, and expanding global footprint will enable Wiseway to benefit from growing demand for returning global trade and integrated logistics solutions.”
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