Wynyard sales hits $21.5m forecast

Craig Richardson, chief executive of the Wynyard Group.
Craig Richardson, chief executive of the Wynyard Group.

Wynyard Group, whose shares soared 64 per cent last week, says it has met its forecast sales target of $21.5 million.

That equates to more than 62 per cent revenue growth in 2014, and the company's board will review the 2014 and 2015 business plans and targets in the first quarter of this year, the intelligence software developer said in a statement. Wynyard's offer document projected 2014 revenue of $27 million.

"The number of new opportunities materially increased in the fourth quarter of 2013 and we took steps in November to build capacity to qualify and service this increased demand," chief executive Craig Richardson said.

In November, Wynyard brought forward recruitment of new sales and services staff to manage next year's growth pipeline, adding between $1 million and $1.5 million to the forecast operating expenditure of $25 million for the 2013 calendar year.

The company will announce its full year results on February 24.

The shares gained 9.8 per cent to a record $1.90 on Friday, adding to two days of double-digit gains, and are now 65 per cent higher than the $1.15 price the shares were sold at in its July initial public offering.

Fund manager Milford Asset Management, which holds the stock, last week said the shares could climb to $2 apiece this year as investors factor in the company's growth prospects.

- BusinessDesk

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