The Family Zone Cyber Safety Ltd (ASX: FZO) share price is rising. At the time of writing, shares in the cyber safety company are trading for 65 cents each – up 14.04%.
The massive price rise comes after the company announced "significant growth" and a "record quarter".
Let's take a closer look at today's news.
Company Profile
Family Zone Cyber Safety is engaged in developing a universal cyber safety and parental control platform in the fast-growing cyber safety industry. Its platform allows for secure collaboration between "schools, parents, and cyber safety educators".
Why the Family Zone share price is rising
In a statement to the ASX, Family Zone says its June quarter was a record for the company. There was 128% growth year-on-year (YoY) in student numbers to total 3 million. Around 2,000 schools were added to its platform, taking the total to 5,600 schools. The company now services approximately 5% of all US school districts.
In the last quarter, $5.8 million worth of contracts were signed plus an extra $1 million acquired through the purchase of NetRef. According to Family Zone, in annual value terms, this converts to roughly $3.3 million in contracts plus $630,000 through NetRef.
Investors are enjoying today's news, judging by the rise in the Family Zone share price.
Management commentary
Family Zone Managing Director Tim Levy:
This was a breakthrough quarter. We added over 1 million students and 2,000 schools and now service more than 3 million students and 5% of US school districts. We broke sales records and most encouragingly ended the quarter with ~1,500 schools in trials.
Family Zone share price snapshot
Over the past 12 months, the Family Zone share price has increased by 120%. Last month, shares in the company jumped 7% on the news it had signed a contract with the largest school district in the US state of Texas.
Family Zone's surge comes after its previous 52-week high achieved just 10 days ago on a capital raising announcement.
Family Zone has a market capitalisation of $273 million.
