Wynyard shrugs off $11.2m loss

Craig Richardson.
Craig Richardson.
Wynyard chief executive Craig Richardson has shrugged off the company's loss in the year ending December in light of the other data released in the period.

The company has been listed for nine months but released pro-forma unaudited accounts for the year for comparison between the two periods.

Wynyard, which specialises in crime-fighting software and critical threat assessment, lifted its total revenue to $21.7 million in the year from $13.3 million in the previous corresponding period.

The after-tax loss of $11.2 million was significantly higher than the $3.7 million loss in the pcp.

Licensed end users rose to 110,800 from 59,600 and revenue per employee increased to $162,000 from $125,000.

Wynyard ended the period with $17 million in cash compared with $600,000 at the pcp.

Among the highlights listed by Mr Richardson was increasing the group's revenue by 63%, exceeding the IPO prospectus revenue forecast.

Wynyard opened new offices in the United Arab Emirates and the United States and grew staff numbers from 106 to 151 full-time employees.

''Wynyard now has offices in six strategic locations across three regions and has nearly doubled the size of its sales and marketing team.''

In 2013, 64% of Wynyard's revenue was from Asia-Pacific where the company secured new contracts with the New Zealand Police and the Serious Fraud Office, two key Australian Federal Government agencies, the Thai Customs Department, Queensland Rail and one of the region's primary intelligence agencies.

Europe, the Middle East and Africa contributed 27% of Wynyard's total revenue following the launch of Wynyard's financial crime detection platform in the UAE and the United Kingdom, he said.

In Europe, Wynyard's contract with a leading UK crime investigator was extended, one of the world's top five banks became a customer and Wynyard was selected by a recognised inter-governmental organisation responsible for co-ordinating a global effort against drugs and trans-national organised crime, Mr Richardson said.

Net cash flow for the year was $16.5 million against a forecast of $20.3 million with $2.3 million being a cash collection timing difference.

Looking ahead, Wynyard was focused on increasing its financial services and government customer base in the Americas and expanding its partner channels to market.

The company would continue to invest for growth this year and next, he said.

''Wynyard is strongly positioned in the new fast growing advanced crime analytics market. 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.''

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