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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news