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

 


Wynyard shares soar to new record on optimism over growth

Wynyard shares soar to new record on optimism about new contracts, growth prospects

By Tina Morrison

Jan. 8 (BusinessDesk) – Shares in Wynyard Group soared to a new record on optimism about the global growth prospects for the company’s intelligence software.

Wynyard shares jumped 11 percent to $1.48, adding to their 12 percent rise yesterday after the Auckland-based company announced it had gained the United Arab Emirates money exchange GCC Exchange as a client for its anti-money laundering software.

Wynyard estimates the size of its potential global market has grown from US$300 million in 2011 to US$5.3 billion in 2013 as it added government intelligence software to its suite of products targeting financial crime. The latest contract adds to overseas deals the company signed with the Thai Customs Department, Manayer Marketing Management and Galadari Brothers in the past two months.

“The market is now starting to price in the large amount of contracts that they have been winning over the last few months,” said Mark Warminger, who holds the stock among the $710 million of New Zealand equities he helps manage at Milford Asset Management. “The anti-money laundering contract that they won in the UAE yesterday was a positive for them and I understand the pipeline of new contracts is very strong.”

Milford bought Wynyard shares in the company’s initial public offering for $1.15 apiece in July and added to its holding when the stock dipped to about $1.05 last month. Warminger expects the price could appreciate to as much as $2 this year as investors factor in the company’s growth prospects over the next two years.

“The outlook for Wynyard is very strong,” he said. “They have got an absolutely fantastic product that is relevant to many law enforcement and government agencies around the world and the company is in very early days of selling this product around the world so I think they have got an incredibly strong future ahead of them.”

Wynyard, which was spun out of closely held Jade Software, said in November it was on track to meet its annual revenue forecast of $21.5 million after posting first-half sales of $10.3 million.

“The world is their oyster at the moment,” said Milford’s Warminger. “The places where they have got exposure is still incredibly small compared to the overall pie that they could potentially win so it is really still in its infancy.”

Wynyard shares are the top performer on the New Zealand exchange today, giving the company a value of $136 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news