The Family Zone Cyber Safety Ltd (ASX: FZO) share price will be on watch when the ASX opens. This comes after the company released its quarterly performance update.
At yesterday's market wrap, the cyber safety company's shares finished the day at 46.5 cents.
How did Family Zone perform?
Family Zone shares could be on the move today after the company reported a positive set of numbers.
For the period ending at the end of March, Family Zone recorded 3,135 contracted schools, a 135% growth year-on-year. This represents an addition of 387 new contracted schools over the prior quarter.
Complimenting the result, student licences increased to a total of 1.65 million contracted students, surging 137% year-on-year. Over 210,000 student licences were added when compared against Q2 FY21.
Total value of contracts signed also rocketed to $3.6 million in the quarter, achieving a 97% year-on-year improvement. Of those contracts, the annual value represented more than $1.8 million for the company, a 92% year-on-year lift. The company noted that it encouragingly sees average licences and sales conversion rates continuing to soar.
At the end of the March quarter, approximately 2 million students and 3,627 schools were on the Family Zone platform. This equates to more than 3.5% of the United States school districts being serviced by the company.
Family Zone managing director, Tim Levy commented:
The Company has spent the past two quarters successfully building out engineering and sales capacity to prepare for the peak mid-year sales period in the US. We're very pleased with the March quarter and with more than 1 million students licenses in our pipeline we look forward to exceptional quarters ahead.
Family Zone share price review
The Family Zone share price has gained close to 200% in the past 12 months, but its relatively flat year-to-date. The company's shares reached a 52-week high of 63.5 cents in August 2020.
On valuation grounds, Family Zone commands a market capitalisation of roughly $179.7 million, with around 386.5 million shares on issue.
