Wynyard Group loss up on 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, founded in Christchurch, specialises in crime prevention and risk management software. It has a market capitalisation of $293m.
The company gained 47 new paying customer contracts for its software, giving it more than 400 customers worldwide.
It was trading at $2.88 per share yesterday.