Wynyard hits revenue target

Last updated 09:22 13/01/2014
Craig Richardson, Wynard Group

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Wynyard Group says it will deliver on its $21.5 million revenue forecast for 2013.

The software development company, which listed on the NZX in July last year, said in a market announcement this morning that it would meet its revenue target for the year to December 31.

The company's unaudited results indicated it would report more than 62 per cent revenue growth in the 2013 year.

Wynyard Group managing director Craig Richardson said the number of new opportunities increased in the fourth quarter and the company took steps in November to build capacity to qualify and service increased demand.

"We are starting the new year in good shape," he said.

Wynyard's shares hit an all-time high of $2 on Friday, following a jump on January 7 when the company announced a contract for its anti-money-laundering software subscription with the Gulf Co-operation Council (GCC) Exchange, a growing money exchange based in the United Arab Emirates. The company's shares last traded at $1.90.

Last week Richardson said the deal, the company's 20th in the GCC region, was fuelled by the region's severe security challenges.

Wynyard Group said it forecast $27m revenue in the year to December 31, 2014.

The board would continue to review the 2014 and 2015 business plan and targets through the first quarter of this year.

The company's 2013 full-year results are due on February 24.

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- Fairfax Media

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