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Wynyard secures European "coup" but struggles to meet FY14 guidance range

Wynyard secures European "coup" but struggles to meet FY14 guidance range

Final contract execution and recognition of revenue from larger contracts currently under negotiation may slip into early FY15 which creates a risk that it may not meet its $29-$32 million guidance range for FY14.

Wynyard Group has secured a "significant agreement" with a leading European based justice agency for its Investigative Case Management solution.

The value of the agreement over the initial term is more than $1.4 million with $0.7 million in software and services to be recognised in 2014.

Wynyard Group Chief Executive Officer Craig Richardson says this win reflects the growing reputation Wynyard has for helping customers solve serious crime problems.

“This win is a real coup for Wynyard with an important justice agency who will use our software to manage criminal cases of the most serious kind," he says.

"We are increasingly being recognised as the market’s leading serious crime investigations and intelligence software product platform.”

Wynyard’s Investigations Case Management software is used by government agencies responsible for serious and organised crime investigations and intelligence operations, covert operations and for protecting witnesses.

Missed guidance?

With 2014 drawing to a close, Wynyard Group also advises it is possible that final contract execution and recognition of revenue from some of the larger contracts currently under negotiation may slip into early FY15 which creates a risk that it may not meet its $29-$32 million guidance range for FY14.

“Wynyard currently has a number of large software licence agreements in the contracting phase with customers and new system integrator partners, providing strong evidence and confidence in Wynyard’s progress in this strategy and continued growth in FY15,” Richardson adds.

The company has previously highlighted this important transition to larger deals would result in lumpy revenue and contract execution timing risk as the company expanded into new markets and increased its government sector business.

As a result, Richardson says the company made the right strategic decision at the right time.

“From terrorists to cyber crime and drug trafficking to fraud – the growing global problems Wynyard’s software helps solve are headline news at the moment and will accelerate rather than dissipate in the year ahead," he adds.

"The significant increase in scope and average value of progressed opportunities in our sales pipeline indicates we are successfully transitioning from a point solution provider to enterprise scale big data analytics solutions."

Wynyard expects to make further announcements relating to these larger contracts as they are executed.

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