Wynyard CFO Murray Page quits

Wynyard Group [NZX: WYN] chief financial officer Murray Page will leave the intelligence analytics software developer at the end of next month amid an overhaul of its sales strategy after its recent $30 million capital-raising.

Auckland-based Wynyard is reorganising its sales and marketing and product development operations to align with its two service lines – advanced crime analytics and investigations case management for government clients, and advanced cyber threat analytics and risk management software for commercial customers. The intention is to better target resources in each market, the company said in a statement. London-based chief operating officer Paul Stokes will lead the changes and has been appointed senior vice-president of the commercial line of business. At the same time, Mr Page resigned as CFO effective from May 31 after three years with Wynyard.

"During the first quarter, Wynyard completed a preliminary review of the company's target markets and product portfolio, which highlighted the need for concentrated focus on its two lines of business," it said. "The Wynyard board, management and its advisers are currently validating the business plans for each line of business to ensure that each one is resourced and sized so that capital is allocated to those markets with the greatest opportunities."

Wynyard raised $30 million in a deeply discounted rights offer last month when plans to raise funds from foreign investors at a higher price were scuttled by the slump in global equity markets at the start of the year.

The software developer said its first-quarter revenue was in line with budget, and the pipeline of new deals continued to grow. However, it wants to step up sales to commercial customers in Europe and Asia-Pacific to mitigate a concentration of government deals in Europe, the Middle East and the Americas. Costs came in below budget as Wynyard cut staff expenses, which accounted for $36.4 million of its costs in 2015.

The shares fell 1.2 percent to 86c and have slumped 52% so far this year.

(BusinessDesk)

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