Wallix has started 2023 with a bang, reporting a sharp acceleration in sales growth, which exceeded 30% in the first quarter.

The cybersecurity software company reported sales of 6.1 million euros for the first three months of the year, compared with 4.7 million euros for the same period in 2022.

At March 31, its monthly recurring revenue represented 1.3 million euros, up 26.5% on March 31, 2022, or the equivalent of 15.4 million euros in recurring revenue on an annual basis.

Wallix thus expects to start 2023 with recurring revenues equivalent to 61.3% of its consolidated sales in 2022.

In a reaction note, analysts at Invest Securities hail an "encouraging start to the year", which they believe will "restore confidence".

At a time when the stock is close to its all-time lows following poorly-received 2022 results, the first-quarter 2023 performance should be greeted positively", comments the brokerage firm.

Invest believes that this publication should enable consensus expectations to be confirmed and a return to performance more in line with management's ambitions.

With regard to its outlook, Wallix has reiterated its ambition to significantly improve its results through a gradual return to normal operating expenses, and still expects to break even in 2024.

Following the publication of these figures, Wallix shares climbed almost 7% on Friday morning on the Paris Bourse, giving a market capitalization of 57.5 million euros.

Since the start of the year, the share price is still down 17%.

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