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

 

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Science Media Centre: Viral Science And Another 'Big Dry'?

"Potentially, if there is no significant rainfall for the next month or so, we could be heading into one of the worst nation-wide droughts we’ve seen for some time," warns NIWA principal climate scientist Dr Andrew Tait. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news