Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Wynyard shares jump 8.6% on Thai Customs contract

Wynyard shares jump 8.6% as Thai Customs contract feeds growth pipeline

By Paul McBeth

Dec. 10 (BusinessDesk) - Shares in Wynyard Group jumped 8.6 percent after the intelligence software developer grabbed its third new client in as many weeks, and building expectations the firm will deliver on its growth aspirations.

The Auckland-based company signed up the Thai Customs Department today, where Wynyard’s software will be used in preventing drug trafficking at the South East Asian nation’s northern border. The deal adds to Wynyard’s growing customer list, with recent additions including Manayer Marketing Management and TransCash Corp, and Galadari Brothers in the United Arab Emirates.

“They continue to announce a lot of deals, the Galadari Brothers and the UAE deal and Thai Customs today, and it’s our understanding they have a healthy pipeline of contracts to be signed,” said Mark Warminger, a portfolio manager at Milford Asset Management, which owns about 14 percent of Wynyard. “We like it a lot. In our long-term view we see a lot of value.”

The shares climbed 9 cents to $1.14 today, having closed at a low yesterday since being spun out of Jade Software in July float at $1.15 a share. The stock is rated a ‘hold’ by two analyst recommendations compiled by Reuters, with a median target price of $1.40.

Milford’s Warminger said Wynyard been caught up in the sell-off of various high-risk companies in recent weeks.

“A lot of the IPOs this year haven’t gone that well, and retail sold off on the back of it,” Warminger said.

Last month Wynyard affirmed earlier guidance that it was on track to meet its 2013 sales forecast of $21.5 million, while bringing forward recruitment of new sales and services staff to manage next year’s growth pipeline, adding between $1 million and $1.5 million to the forecast operating expenditure of $25 million for the 2013 calendar year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news