25 Aug 2015

Wynyard Group shares slump

3:45 pm on 25 August 2015

Shares in Wynyard Group slumped in early trading after its net loss widened to nearly $18 million in the first-half of the year.

Revenue and other income rose to $14 million, compared with $10 million the same time last year.

It reported a net loss of $17.6 million compared with $10.2 million.

The crime-fighting software maker said it was forgoing profit to invest in growth.

It was investing heavily in product development, including a new configuration of its software to tackle cyber threats in sectors like government and financial services.

It planned to launch Advanced Cyber Threat Analytics before the end of the year, which it said will underpin sales growth.

The company said its $42.6 million capital-raising in July was well supported, but the board believed the share price did not reflect the company's value.

Wynyard said its sales outlook for the full-year was unchanged at $40 to $45 million and it expected to complete its dual listing on the Australian stockmarket during the final quarter of 2015.