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

 

Wynyard first-half loss widens on growth spending

Wynyard first-half loss widens on spending, full-year sales dependent on contract timing

By Suze Metherell

Aug. 25 (BusinessDesk) - Wynyard Group, which makes security software, reported a wider first-half loss as it spent more on its expansion plans and said sales in the full-year are dependent on the timing of major contracts.

The net loss was $10.2 million in the six months ended June 30, from a loss of $3.1 million a year earlier, the Auckland-based company said in a statement. Sales were $9.6 million, compared to a pro-forma $10.3 million a year earlier.

Wynyard, which was spun out of Jade Software, debuted on the NZX July last year raising $65 million in capital to fund its international growth plans. The crime analytics and risk assesment software is in use by the London Metropolitan Police and the New Zealand and Australian police forces, global banks and corporations, and is making inroads into the huge US market, where its products have impressed the Department of Homeland Security.

Revenue in the full-year would be $29 million to $32 million, dependent on the timing of larger government contracts and financial services agreements, the company said. That suggests sales could miss the guidance the company gave at its annual meeting in May for full-year revenue of about $31 million.

Operating expenses rose to $16.5 million in the first-half from $7.1 million a year earlier. Its 2013 results included a three month trading period from April 1 to June 30.

Wynyard said it had $39.3 million cash on hand at the end of June, broadly in line with its expectations, having completed a capital placement of $35 million in April. Key growth targets for 2015 were to bolster its sales and marketing effort, expanding in the US justice and intelligence sectors, expand its channel partner programme and increase investment in "big data processing."

“The signals are very positive," said managing director Craig Richardson. "Execution of this growth programme only commenced in May, and already there is tangible evidence these initiatives will underpin growth aspirations and deliver a path to profitability.”

Shares of Wynyard last traded at $2.23, valuing the company at $258 million, and have surged 92 percent this year. They are rated a 'hold' based on the consensus of two analysts polled by Reuters, with a median price target of $2.33.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: