Why to explore 5 NZX technology stocks ahead of 2022?

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Why to explore 5 NZX technology stocks ahead of 2022?

 Why to explore 5 NZX technology stocks ahead of 2022?
Image source: jittawit21,Shutterstock

Highlights

  • NZ announced border class exceptions for 600 tech specialist workers.
  • Wellington Drive appointed David Burden as its Chief Customer Officer in December.
  • Scott announced a new A$18-million deal to design and authorise an automated beef boning system in November.

Dr David Clark, NZ’s Minister for the Digital Economy and Communications, announced on Monday that border class exceptions would be made for 600 specialist tech workers. The step comes amid increasing strain in NZ tech firms to support growth in the sector.

The Tech sector comes in the top 3 exporters of the country with jobs in the sector growing at twice the rate of the general economy. The sector continued with its expansion during the pandemic and the growth has further increased the demand for more talent.

On this note, let’s have a look at how these 5 technology stocks are doing when the year is nearing its end.

5 NZX Technology stocks and their details

Image source: © 2021 Kalkine Media®, Data source- Refinitiv

Wellington Drive Technologies Limited (NZX:WDT)

High-efficiency motors supplier and IoT solutions provider, Wellington Drive, hired David Burden as its Chief Customer Officer. He will lead the customer success, commercial, and marketing teams in the new role.

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He created an advanced IoT platform that has become a key part of WDT’s IoT ecosystem as the CEO of iProximity, which WDT acquired in 2018.

On 14 December, at the time of writing, WDT was trading flat at $0.171.

Scott Technology Limited (NZX:SCT)

Smart automation and robotic solutions provider Scott Technology informed about the Company expanding its meat automation business. The firm has signed an A$18-million deal to design, construct and authorise an automated beef boning system.

Scott will partner with Australia’s prominent protein producers Teys and Meat & Livestock Australia. The partnership will help in improving yields, throughput and product quality while also increasing food safety.

SCT ended the day 0.54% in red to close at $3.68.

On 14 December, at the time of writing, SCT was trading at $3.61, down 1.9%.

Geo Limited (NZX:GEO)

Geo, a Software as a Service (SaaS) business operator, announced on 2 December that it had completed both its previously announced placements, concluding the Company’s capital raising of $7 million.

RELATED READ: Are these 5 best technology stocks to explore in 2022?

The Group also informed that surplus application money for the oversubscribed placement will be refunded as per offer terms.

On 14 December, at the time of writing, GEO was trading at $0.152, up 0.66%.

Vista Group International Limited (NZX:VGLASX:VGL)

Technology solutions provider to the global film industry, Vista Group, announced in October that the CEO and Co-founder of Movio (a Vista Group Company), Will Palmer, will step down from his position by the end of the year.

On 14 December, at the time of writing, VGL was trading at $2.38, down 1.65%.

Gentrack Group Limited (NZX:GTK)

A smart cleantech solutions provider to various utilities, Gentrack, reported a rise of 5% in its EBITDA to $12.7 million in FY21. It also posted an increase of 8.8% in its revenue to $81.8 million, driven by a rise in the utilities’ business with growth from existing customers and gaining new customers.

DO READ: These 3 NZX technology stocks have given decent YTD returns

The Group expects revenue to be at least $105.7 million for FY22.

On 14 December, at the time of writing, GTK was trading at $1.84, up 2.22%.

Bottom Line

The NZ Government believes that there is a need to solve the skills disparity for the country’s technology sector to develop.

(NOTE: Currency is reported in NZ Dollar unless stated otherwise)

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