Which 3 NZX tech stocks to explore in 2022?

Highlights

• Technology is the third-biggest export sector of New Zealand.
• Geo’s business remains in good shape with new capital to benefit from markets evolving after COVID-19-induced lockdowns.
• Gentrack informed that its annual shareholder meeting would take place virtually on 24 February 2022. 

Technology is the third-biggest export sector of New Zealand and gives jobs to over 120K people. The sector plays a significant role in fast-tracking the mass digital revolution. NZ’s tech industry has been registering strong growth YOY while also facilitating the digital transformation of the economy.

The sector persisted to see growth and deliver positive impacts for the NZ economy even under lockdowns induced by COVID-19. However, the sector has been facing a severe tech talent shortage due to border closures.

Many new local tech companies are emerging in health, insurance, crypto, agriculture, etc., further assisting the NZ tech sector to move forward and also helping in the reconstruction of the economy.

Let’s have a look at the performance of 3 NZX tech stocks.

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Geo Limited (NZX:GEO)

A Software as a Service (SaaS) business operator, Geo, reported a 17% decline in its revenue at $4 million for FY21. However, the Group saw a jump of 286% in its new customers and a surge of 174% in new licences compared to pcp.

RELATED READ: Why to look at 2 NZX tech stocks before 2022?

Geo also successfully completed 2 placements last month, ending its capital raising of $7 million.

The business remains in good shape with new capital to benefit from markets evolving after COVID-19 lockdowns.

Shares of Geo gained 6.71% in trading on Wednesday to close at $10.43.

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

Technology solutions provider to the global film industry, Vista Group, saw a solid recovery in recurring revenue and decent receivables collections in the second half of last year.

Vista’s outlook for 2022 remains optimistic. The Group affirmed that it was on track to attain its full-year revenue guidance of $95-100 million for the full year. It also expects to be EBITDA- and cash flow-positive in H2 of the year.

DO READ: Vista (NZX:VGL): What is the update on its earnings guidance?

Shares of Vista Group declined 3.02% in trading on Friday to close at $2.25.

Gentrack Group Limited (NZX:GTK)

A smart cleantech solutions provider to various utilities, Gentrack notified on 5 January that nominations for director would close on 20 January 2022 and the Company should get all nominations before or on the date.

ALSO READ: Why to explore the 5 fastest growing NZX stocks in 2022?

The Group also informed that its annual shareholder meeting will take place virtually on 24 February 2022.

Shares of Gentrack declined 0.99% in trading on Friday to close at $2.01.

Bottom Line

Technological advancement and progress are crucial for any country’s growth and economic development.

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