Three fast-growing NZX tech stocks that can be looked at this month

Highlights

• Some technology stocks are doing well even after inflation and interest rate hike worries grip the market.
• VGL announced that it was strengthening its relations with Odeon Cinemas Group.
• Gentrack anticipates revenue to be at least $105.7 million for FY22.

The benchmark S&P/NZX50 index closed 1.64% lower at 11,852.15 on Friday as NZ’s annual inflation hit a 3-decade high, sparking interest rate hike concerns among market participants. Moreover, the US Federal Reserve has signalled to raise interest rates further in March 2022 to curb rising inflation.

Out of the 11 sectoral indices, 9 were trading in red on Friday. However, there are few stocks that are doing well even after inflation and interest rate hike fears.

Here are 3 NZX technology stocks that are doing well and showing growth this month.

Image source: © 2022 Kalkine Media®, Data source- EODHD/Others

Geo Limited (NZX:GEO)

Geo Limited, a software as a service firm, provides cloud-based software solutions to handle field sales businesses.

Geo announced in October that it would raise nearly $6 million in new capital through placement and the same was completed on 2 December 2021. 

ALSO READ: One Technology Company with Accelerating Growth Potential

Geo also created solid impetus during FY21 and increased prospects to obtain new customers and preserve them as a primary business solution.

GEO ended the day 2.33% in red to close at $0.126.

Vista Group International Limited (NZX:VGL; ASX:VGL)

Vista Group, a technology solutions provider to the film industry, announced on 21 January 2022 that it was strengthening its relations with Odeon Cinemas Group. VGL inked a deal to employ Vista Group solution for Cinesa Cinemas in Spain and Portugal.

DO READ: 3 NZX growth stocks that can be considered in January 2022

The blend of Vista Cinema, Movio Cinema, Vista Digital and MX Film will be amongst the broadest rollouts of Vista’s solutions.

The implementation is likely to complete before the end of 2022.

VGL ended the day 338% in red to close at $2.

Gentrack Group Limited (NZX:GTK)

A computer systems solutions provider to energy companies, Gentrack Group, registered an 8.8% rise in its revenue to $81.8 million for FY21. GTK anticipates revenue to be at least $105.7 million for FY22.

DO READ: Would 4 NZX penny stocks prove to be multibaggers this year?

GTK appointed John Priggen as its CFO last month and his tenure will begin from 1 February 2022. The Group will conduct its ASM on 24 February 2022.

GTK ended the day 3.89% in red to close at $1.73.

Bottom Line

The technology sector is set to grow with the worldwide adoption of technology in almost every sector, from education to healthcare.

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