Wynyard Group loss higher than forecast
Crime prevention software company Wynyard Group has announced a pro-forma $11.2 million loss in its 2013 annual results.
The loss was 11 per cent higher than the $10.1m loss forecast in its prospectus.
In the company's first set of full-year results since listing on the NZX, it also surpassed revenue targets and projections, reaching $21.7m total revenue, and 63 per cent total revenue growth.
The company has announced it expected to exceed its 2014 revenue target of $27m, and intended to increase its United States presence, which in 2013 accounted for 9 per cent of revenue.
The company prospectus said in July last year it expected losses in 2013 and 2014, reflecting the substantial amount of investment needed to enter new markets.
Managing director Craig Richardson said that "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".
The company, which was founded in Christchurch, specialises in crime-prevention and risk-management software. It has a market capitalisation of $293m.
Wynyard's total expenditure was $32.6m, $1.5m higher than projected.
The company said additional expenditure was incurred on new business development initiatives, including hiring more than 40 staff and doubling its sales and recruitment team.
Wynyard expanded into Southeast Asia, opened new offices in the United Arab Emirates and US, and increased investment in "software as a service" infrastructure in the Middle East and the United Kingdom.
The company gained 47 new paying customer contracts for its crime-fighting and risk-management software.
The company's recurring revenue, from subscription to software as a service, was 59 per cent of total revenue and increased 39 per cent to $12.8m.
The company's largest market is the Asia Pacific, which accounted for 64 per cent of total revenue.
The tech company has been flying high on the market this year after being listed at $1.15 per share in July 2013.
Wynyard stocks soared at the start of the year after the announcement of several large international contracts, and reached a high of $3.17 per share in at the end of January. The company was trading a $2.88 per share yesterday.
Wynyard has more than 400 customers worldwide.