Cyber security company Family Zone (ASX:FZO) has released unaudited results for Q1 2018, delivering approximately A$1.7 million in revenue – representing a stunning 190% quarter-on-quarter growth.
The strong results demonstrate the strength of its subscription model, with the company developing a software platform that can assist schools in managing online behavior and also offer cross-selling to parents with the same system used at home and on mobile devices.
The technology offers a single solution to cyber safety, replacing the current fractured approach which sees different products used at home and school.
In an interview at the Techknow Invest Roadshow, managing director Tim Levy noted that
The turning point for us was moving into education. We did that in April last year and sold our first school in May – and we saw that in our share price.
“As the investor market in Australia heard about us from their local schools – all talking about Family Zone – I think that generated a lot of interest,” he said.
The company continues to grow strongly, recently notching a key performance milestone attracting 15,000 subscribers and generating at least $100,000 revenue in three consecutive months.
The performance milestone was identified by the company at its time of listing on the ASX in 2016.
Family Zone also confirmed that in March this year it achieved 40,000 paying subscribers, a significant step in commercialising its products.
Shares in Family Zone are trading around 53 cents per share.
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