The Envirosuite Ltd (ASX: EVS) share price were sent flying today after the company held its annual general meeting (AGM). Shares in the small cap tech company soared by 12.5% today to 22 cents.
The environment monitoring platform's share price has been on a steady rise this year, lifting by an enormous 214% since hitting its lows in March.
What Envirosuite does
Envirosuite is an environmental management technology company that provides services through its software-as-a-service (SaaS) platform. The Envirosuite platform offers environmental monitoring, management and investigative capabilities. It is incorporated into a number of diverse operations from waste water treatment to large scale construction, open cut mines and port operations.
The company hosts more than 500 customers worldwide. Envirosuite's clients include organisations in China, airports, and companies such as Rio Tinto Limited (ASX: RIO).
Why did the Envirosuite share price fly today?
The Envirosuite share price soared by 12% today as the company held its 2020 AGM.
Management was pleased with how the company has shown resilience by growing throughout the pandemic, saying:
Our business has continued to grow through this challenging period with our recurring revenues expanding across almost every sector. It is only some unavoidable universal delays in new capital spend by some of our airport clients that has impacted our project or one-off revenue.
It was also highlighted that there were a number of notable sales in recent months, with most new contracts being 5 years long. The contracts bring the company's new annual recurring revenue funnel to a total of $26 million.
What now
The company also stated some of its goals for the coming year. Management outlined how the company aims to increase gross margin by increasing software sales and reducing focus on lower margin hardware sales.
Furthermore, Envirosuite is aiming to transfer to the "more scalable and agile tech environment." To this end, the company will be consolidating onto the cloud service AWS. It will also migrate its airport customers to a new cloud environment.
Investors were clearly pleased with the news, sending the Environment share price up to 22 cents.
