Veris Ltd - $125m in Revenues last FY and operational improvements underway
Veris Ltd (ASX:VRS)

$125m in Revenues last FY and operational improvements underway

Highlights

Revenue Growth:

Veris Reported over A$125m in revenue last financial year (FY2018/19), up from $106m as Elton Consulting began contributing to the full year post its acquisition in 2018, coupled with organic revenue growth in the Surveying division.

Long Term Revenue targetted:

Veris secured work on long term East Coast projects such as Melbourne Metro, Westgate Tunnel, North Connex, Inland Rail, M4 Smart motorway project, Sydney Metro, West Connect and Eaton Range Realignment project.

Operational Review Complete:

Operational review of the Veris Australia business conducted during the year, with final phase completed in June 2019. These reviews are expected to remove ~A$3m of annualised expense from the business, which will contribute to higher margins.

Managing Director's Summary

Adam Lamond

Significant progress has been made in strengthening the Company’s position in response to the challenges that presented during FY2019. This includes finalisation of the national integration of the nine Veris Australia business, undertaking an Operational Review that has seen a range of corrective measures implemented in the year, including senior management changes and cost savings, and developing a clear, five-year strategic plan for 2019-2024 that has been endorsed by the Board and is supported by the Company’s bankers.

Adam Lamond
Managing Director, Veris Ltd

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