27 Aug 2013

Wynyard Group on track for revenue target

7:35 am on 27 August 2013

Newly listed Wynyard Group says it's on track to meet its full year revenue target of $21.5 million set in its June prospectus.

The security software firm, whose shares began trading earlier this month, reported a $3.1 million loss for the three months to the end of June, including one-off listing costs.

It reported a revenue of $5.6 million for the three months; the group amalgamated in its present form from the start of April.

On a pro-forma basis, the company made a $4.1 million loss for the six months to the end of June on $10.3 million of revenue.

Wynyard managing director Craig Richardson says a lot of its earnings are being re-invested back into its business as it focuses on expanding globally.

"We're on track to hit our revenue number this year ... and we're really now starting to focus on next year," Mr Richardson says.

"We're a new business and we're constantly monitoring our sales pipeline growth as we enter new markets, and it's looking very positive."

The innovations the company is coming out with are key to its continued growth, and it is investing heavily in research and development, he says.