New Zealand Exchange (NZX)-listed forensic analytics software company Wynyard Group has announced unaudited revenue for the year ended December 31 of NZ$25.7 million, NZ$3.3 million below guidance.
Wynyard advised that a shortfall was likely in mid-2014, announcing that a decision to focus on larger government contracts would introduce "contract execution timing and revenue recognition risks at year end".
"As we grow Wynyard into a large and profitable global company, it's important we make strategic decisions that will continue to increase revenue per user and maximise the total contract value of our solutions," chief executive Craig Richardson said.
The gap between revenue and guidance was represented by a small number of large contracts in negotiation at year end, Wynyard told investors on Friday. The company expects to ink these in the first part of 2015, as well as recognise revenue for installation work currently in progress.
Wynyard's NZ$25.7 million of revenue was up from NZ$21.7 million last year. Second-half revenue was NZ$15.6 million, up 54 percent on the previous half.