On track Wynyard posts interim financials

Wynyard Group has today released its unaudited financial results for the six months ending 30 June 2013, showing the company to be financially on track.

The security software solutions provider has reported interim results, incorporating the three-month trading period as a result of the amalgamation undertaken prior to and as a lead up to the NZX listing.

The results for this period show that the company reported unaudited revenue of $5.6m with a net loss after taxation of $3.1m, including one-off initial public offer and listing costs.

Consistent with the Wynyard Group Investment Statement and Prospectus, dated 6 June 2013, the directors believe that it is appropriate to consider the full six-month pro-forma trading results to 30 June 2013.

Wynyard’s unaudited revenue for this period was $10.3m, up 51% on the same period last year.

Wynyard MD Craig Richardson says the company has had a strong first half and is currently on track to deliver its full year revenue target of $21.5m.

“I am pleased we have achieved our first half operating objectives," he says.

"The focus continues to be on managing our expanding sales pipeline and global distribution footprint to deliver on our key customer service and growth milestones.”

Richardson says that the company was benefiting from global media and attention on the use of advanced technology to disrupt organised crime, together with calls for wider governance and public accountability in government agencies responsible for these activities.

“Our tools were purpose-built to help customers assess threats, surface intelligence from lawfully gathered data and investigate serious crimes in a democratic environment where privacy, transparency and public accountability cannot be compromised," he says.

"Recent events in the US have validated our company and product strategy which brings together these key and increasingly important capabilities.”

Wynyard has a four-step global growth plan focused on expanding its customer base through innovation, extending its global direct sales and partner distribution network and leveraging its specialisation in crime science.

The company is targeting 62% year on year revenue growth in 2013.

During the period Wynyard won contracts with New Zealand Police, a top 20 Fortune 500 company and one of Australia’s major critical infrastructure companies, with the company’s success continuing to attract the talent required to deliver on its global growth plans.

“We have secured an office in Arlington, Virginia and expanded our facility in the United Kingdom," Richardson adds.

"There is a client-focused mission and momentum in the company that has attracted senior sales and technical talent from our competitors bringing with them the experience to execute our strategy.”

The company has offices in New Zealand, Australia, United States, Canada, United Kingdom and Dubai.