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

 


Wynyard beats 2013 sales forecast, posts wider loss

Wynyard beats 2013 sales forecast, posts wider loss on increased investment, IPO costs

Feb. 24 (BusinessDesk) - Wynyard Group, the intelligence software developer, just beat its forecast annual sales by attracting customers to its suite of services, while posting a bigger loss than expected a because of investments and listing costs.

The Auckland-based company posted a pro-forma loss of $11.2 million in calendar 2013, from a loss of $3.7 million a year earlier. That was ahead of the $10.1 million shortfall forecast in its June prospectus. Revenue more than doubled to $21.7 million, just ahead of the forecast $21.5 million, with 110,800 licenced end-users. The company said it is likely to beat its 2014 sales forecast of $27 million.

“Wynyard is strongly positioned in the new fast-growing advanced crime analytics market,” chief executive Craig Richardson said in a statement. “While the end game for Wynyard is a highly profitable company with lifetime customers, investing for growth and continued momentum is critical at this stage to extend Wynyard’s product leadership position and global market share.”

In November, Wynyard brought 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.

The shares were unchanged at $2.86 today, and have soared 146 percent this year as investors chased companies with growth potential.

Wynyard burned through more cash than forecast in 2013, with operational cash outflow of $5.29 million, compared to a forecast $3.07 million. That left the company with funds of $17.04 million as at Dec. 31, less than the $20.85 million forecast.

The company said the shortfall was due to a timing difference between revenue recognition and invoicing of software licences, and also higher than expected initial public offer costs of $500,000.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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