The market may be a sea of red on Monday, but not all ASX All Ords shares are sinking today.
Two shares that have stormed notably higher are listed below. Here's what is getting investors excited:
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Dropsuite Ltd (ASX: DSE)
The Dropsuite share price was up as much as 11% to a new 52-week high of $3.42. The cloud backup and archiving software provider's shares have pulled back since then but remain up 7% to $3.28 at the time of writing.
Investors have been buying this ASX All Ords share after it released a trading update for the second quarter. According to the release, Dropsuite achieved annual recurring revenue (ARR) of $39.9 million, up 31% on the prior corresponding period. This was driven by record seat adds of 112,000, which grew its total paid user count to 1.35 million.
The company's CEO, Charif El Ansari, commented:
Continued growth in the global data protection market, combined with our leading position and customer-centric approach, drove record seat additions in Q2 2024. This momentum, along with continued expansion of our MSP partnerships, fuels our optimism for future growth.
Furthermore, churn returned to its historical level of <3% after a slight uptick in the March quarter. This reflects our strong commitment to client service and support across the organisation. With a robust balance sheet, favourable market tailwinds including data security and regulation, and a highly scalable distribution channel, we are well positioned to deliver growing and sustainable returns to our shareholders
Perenti Ltd (ASX: PRN)
The Perenti share price is up 10% to $1.06. The catalyst for this has been the release of the mining services company's FY 2024 free cash flow update.
According to the release, based on its preliminary unaudited results, the ASX All Ords share expects its free cash flow for FY 2024 to be ~$180 million. This is materially higher than its guidance of more than $100 million.
This reflects above forecast debtor collections and lower than expected capital expenditure for FY 2024. The latter was due in part to the successful redeployment of assets released from discontinued nickel projects Savannah and Cosmos, and the timing of capital payments.
Perenti's CEO, Mark Norwell, commented:
This result is further evidence that our business can return meaningful value to our shareholders. In recent years we have built a global business of scale with a proud history of underground expertise, surface mining, production and exploration drilling, and supporting mining services that distinguishes us in our peer group.
Our global leading underground and drilling businesses will become increasingly critical to deliver the minerals required to transition to an electrified economy. This has positioned us to deliver additional upside as demand increases for drilling services and continues for underground mining capability.
