WiseTech forecasts revenue to near double to $2.2bn as Richard White dismisses ‘crap’ allegations from Mark Latham
WiseTech founder Richard White has dismissed ‘crap’ allegations about his private life revealed in the former Labor leader’s legal affairs, and says investors and staff know he is totally devoted to the company.
Richard White refuses to be distracted by lurid allegations he dismissed as “crap” aired in court filings by former Labor leader Mark Latham, who dragged the WiseTech founder into a bitter dispute with his ex-partner.
WiseTech is Mr White’s life work, which he remained “absolutely focused on”, he said on Wednesday. Mr Latham sought to subpoena the billionaire’s messages with Mr Latham’s former girlfriend Nathalie Matthews, including texts that alleged Ms Matthews performed a sex act on Mr White while he briefed shareholders.
Mr Latham’s lawyer also wants communications relating to Mr White allegedly paying Ms Matthews company money in exchange for sex and inviting her to a European group sex party.
Those requests were opposed, and The Australian is not suggesting that the exchanges exist or the alleged incidents occurred, only that the request for these messages has been made during court proceedings, and it is understood the existence of the text messages and the alleged incidents will be denied in court.
Mr White made a candid appearance on WiseTech’s annual earnings call with analysts and the media, and debuted his new chief executive Zubin Appoo. Asked how he remained focused on WiseTech amid such sensational accusations, Mr White told this masthead that he was “absolutely not distracted at all”.
“I come to work every day. I’m here today. I’m absolutely focused on this, and we’ve been working incredibly well as a team,” he said.
“Everybody knows that I’m absolutely passionate and committed, and continue to be so. I’m just ignoring all that noise. It’s irrelevant to me, and I’m getting on with the job. The shareholders know, investors know, and the team here knows that I (couldn’t) care less about that crap. I’m focused on this and only this.”
Mr Appoo and interim chief financial officer Caroline Pham backed up his claim.
“Richard and I have partnered deeply together with the leadership team and others to deliver on those innovations. So I see a very bright future ahead,” the new CEO said.
This includes positioning WiseTech for growth as Donald Trump’s tariffs upend global trade.
Mr White said WiseTech was developing software for governments, which presents a lucrative growth opportunity, as Mr Trump’s trade war prompts Australia Post to suspend parcel deliveries to the US. Meanwhile, he unveiled a new operating model for WiseTech’s flagship CargoWise platform to make it more fit for purpose in the AI era.
Mr White channelled American economist and Nobel Prize winner Milton Friedman when asked about the opportunity developing software for government presents.
“If a business makes a bad mistake and fails, it goes out of business. If a government makes a bad mistake and blows up a software project, what happens next time is they get more money and more people try again,” Mr White said.
“It’s a weird dysfunction of government.”
WiseTech’s revenue rose 14 per cent to $US778.7m ($1.2bn) for the 2025 financial year ended June 30. This missed analyst estimates for revenue of at least $US787.38m. Its shares ended 12 per cent lower at $102.02.
“It’s not appropriate to look at early market reaction without people getting through what is a very substantial, very global and very complex business with a lot of fundamentals that we put in front of the marketplace,” Mr White said.
“It takes time to observe, and you know, the market will react in whatever way it does. That price drop was on a very, very small volume. It’s now recovered substantially, and in a day or two, people will figure it all out, and it’ll be wherever it’s supposed to be. But equally, we always, always think long term.
“This is a long-term company, and the investors that love us … over time, get long, long, big returns for themselves.”
WiseTech will pay a final dividend of 7.7c a share on October 10, up 24 per cent.
The company forecast revenue of $US1.39bn–$US1.44bn for the 2026 financial year, up 79-85 per cent, which Mr White described as having “pulled off a miracle”.
It expects to generate underlying earnings of $US550m–$US585m, an increase of 44–53 per cent.
Analysts continued to call out WiseTech’s need to stabilise its leadership and strengthen its independence to sustain investor confidence.
Mr White initially stood down as chief executive late last year following allegations that he exchanged business advice for sex before returning as executive chairman in February after half the board, including then chair Richard Dammery, resigned.
He revealed a long-term vision to “own both sides” of logistics and trade: the government and the importer, exporter and transport companies. A foundational step in this plan was working with the New Zealand government to build a tariff management portal.
“We’re moving into that space as another addressable marketplace, and New Zealand is the fundamental trigger to show that we’re doing that. And that’s a great model and a great way of growing a marketplace, because owning both sides of any transaction is a really powerful thing – both sides of the logistics and trade – shippers and the shipping companies and logistic companies, both sides of the borders, the government and the importer, exporter and the logistics companies. This is a model that we’ve thought about for a long time.”
WiseTech also unveiled a new operating model for its flagship CargoWise platform, shifting from a seat-plus-transaction model to a single, all-inclusive per transaction price for a new CargoWise value offering.
This model is expected to drive long-term product adoption and deeper market penetration.
“We’re not a significant cost. But when you sit as a single cost, people always focus on whatever it is. If it’s a cent, they focus on the cent. If it’s $1 they focus on the dollar. So I think ultimately we sell value,” Mr White said.
“If you’re removing hundreds of dollars of labour cost out of an international transaction, both at origin and at destination, what’s the value of software worth? We’re not charging anything like that value. That’s a tiny fraction of the value. It’s 7c per $1000.”
WiseTech finalised its $US2.1bn takeover of New York-listed logistics software company e2open. UBS said the FY26 guidance was “in line with consensus when adjusted for 11 months of e2open”.
WiseTech’s growth is expected to slow in the second half to June 30, 2026 and underlying earnings guidance implies a 6 per cent downgrade to full-year consensus, according to Citi.
But Jai Mirchandani, portfolio manager at Elm Responsible Investments, said WiseTech delivered an “impressive” result despite the earnings miss, citing a 17 per cent uplift in growth for its flagship CargoWise platform and the full-year revenue guidance.
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