The Family Zone Cyber Safety Ltd (ASX: FZO) share price has risen 22% after opening today on the back of a well-received market update regarding results from the June quarter. FZO shares were trading for 18 cents yesterday afternoon, but opened this morning at 19 cents and sharply rose to the 22 cent level thereafter (where it remains at the time of writing) – a rise of 22.2%.
Family Zone released a number of highlights for the June quarter 2019, including:
- 173% quarter-on-quarter growth in the value of contracts sold to schools
- Paying subscriber numbers passing through the 130,000 mark
- 175% growth in its United States (US) school footprint over the quarter, which now numbers 839 schools and 482,000 licensed student users.
Family Zone’s flagship product Insights is a ‘freemium’ cyber-safety software package, provided to children primarily through school programs or via a telco.
Family Zone reiterated its commitment to the growth of its US business as a primary objective, but also expects to keep seeing strong sales in its Australia and New Zealand division, which will include the rollout of Insights as well as “other new product launches”.
Going forward, the company plans on “implementing a strategy to accelerate consumer growth, through leveraging school influence and telco distribution.” The Australian rollout of Family Zone’s next product, SpotShield, will begin in the September quarter of this year and will progress to the US and New Zealand by year’s end.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.