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


Wynyard shares climb to record on new UAE contract

Wynyard shares climb to record after latest Middle East contract signing

By Paul McBeth

Jan. 7 (BusinessDesk) - Wynyard Group shares climbed to a record after the intelligence software developer announced its latest contract win in the Middle East.

The stock rose as high as $1.38 and recently traded at $1.36, up 14 percent on the day. It’s rated a ‘hold’ by two analyst recommendations compiled by Reuters, with a median target price of $1.40.

United Arab Emirates money exchange GCC Exchange will use Wynyard’s anti-money laundering software to enhance its ability to detect, investigate, and report suspicious activity, the Auckland-based company said in a statement. The new contract, whose value wasn’t disclosed, is the first Wynyard has announced this year, and adds to four deals signed off through November and December.

“The continuing good news of the number of contracts they’ve been picking up is giving a lot of confidence to investors in that stock,” said Grant Williamson, a director at Hamilton Hindin Greene in Christchurch. “It’s a pretty big move up there and there are not a huge number of participants in the market, so I’m sure we’ll see some sellers at some stage.”

In November, 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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news