Junior electronics and technology company Catapult Group International Ltd (ASX: CAT) was one of the market's strongest performing stocks in July. The stock surged 37% higher and has risen another 10% since to trade at $1.54 per share today.
Catapult Group is a global sports analytics group which provides the technology necessary to track and monitor the performance of elite athletes and sportspersons. The technology is used in sports such as AFL, soccer (football), NRL, NBA, NFL and even cricket, with the company reporting that its products have been used by more than 700 sports teams or organisations to date.
The company only made its debut on the ASX in December last year but has blown the market away in the time since – up 163% to date.
Source: CMC Markets
The stock's remarkable performance in July could be attributed to a number of factors, including greater investor awareness (for instance, it was highlighted in an article in The Australian Financial Review as one of the seven 'best tech stocks you've never heard of', together with other high-flying companies like Senetas Corporation Limited (ASX: SEN) and Prophecy International Holdings Limited (ASX: PRO)), as well as promising earnings results for its fourth quarter operations.
The company has since released its full-year earnings results, which were even more impressive. Catapult exceeded its prospectus forecasts for revenues and unit sales by a considerable margin while it also boosted its subscription sales substantially which is great for its long-term prospects.
Given the stock's impressive run over the last nine months, Catapult's shares are by no means cheap. However, with sales growing at a greater clip than the market had anticipated, the company could still be an excellent prospect for long-term investors.
