Wynyard shares climb on Tatts deal

Craig Richardson, chief executive Wynyard Group
Wynyard Group 12-month price history (NZX.com)

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Shares in Wynyard Group [NZX: WYN] rose 4.1 percent after the security software firm secured a three-year contract with Australian gambling business Tatts Group.

The Auckland-based firm wouldn't put a number on the deal, but said Tatts would be in its "top 20" Asia Pacific customers, which make up 64 percent of its annual revenue and include the New Zealand Police, the Australian Federal Police, the Serious Fraud Office and the Thai Customs Department. Last year sales were $21.7 million, making the Asia Pacific unit worth about $13.9 million.

The shares recently rose 9 cents, to $2.29 and have more than doubled since its July listing last year.

ASX-listed Tatts, which operates lotteries and betting across Australia and in the UK, reported an annual profit of A$247.3 million last year, with sales at A$2.95 billion.

Wynyard is chasing growth by seeking bigger deals with greater opportunity for expansion, and is also investigating the "potential for targeted acquisitions to accelerate market penetration and capture market share," it said at its annual general meeting.

The intelligence software developer raised $35 million in March in an institutional placement and share purchase plan to fund its growth aspirations.

(BusinessDesk)


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