Australian logistics company WiseTech has cut its sales and profit forecasts after a series of allegations surrounding its founder and chief executive Richard White disrupted its development and product launch plans.
Wisetech shares rose on Friday after the company lowered its revenue forecast for the current financial year to A$1.2 billion ($780 million) to A$1.3 billion from A$1.3 billion to A$1.35 billion. It fell 14%.
Profit before interest, tax, depreciation and amortization is expected to be between A$600 million and A$660 million, up from a previous high of A$700 million.
White, the 69-year-old co-founder, has faced accusations including bullying and not disclosing relationships with employees. The company released an independent report on the accusations on Friday, which found “no wrongdoing.”
