Veris Ltd - Veris Australia & Aqura Technologies Q4 FY2020 Update
Veris Ltd (ASX:VRS)

Veris Australia & Aqura Technologies Q4 FY2020 Update

Published Jul 31, 2020

What happened?


What's happened?

Veris Ltd (ASX: VRS, “Veris”) has provided an update regarding results for Veris Australia and Aqura Technologies for Q4 FY2020.

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What are the key highlights for Veris Australia?

  1. The Veris Board and Leadership Team have reacted nimbly to the continuation of the challenging operating environment and market conditions by implementing a range of structural and operating enhancements across Veris Australia.
  2. Key initiatives undertaken during the Q4 period have been designed to reposition Veris Australia with a flatter, more sustainable operating structure and more efficient business support functions.
  3. Despite the current economic uncertainty due to COVID-19, Veris has not seen a reduction in the secured project pipeline which remains over $30 million to be executed over the next 18 months.

What are the key highlights for Aqura Technologies?

  1. Whilst the onset of COVID-19 initially resulted in pauses or delays to a number of large projects, the latter part of the quarter saw remobilisation and renewed project momentum.
  2. Expansion of Aqura’s services into the defence sector was delivered with the award of a new contract with Cubic in Queensland, in addition to Aqura’s east coast offices in Brisbane and Melbourne building on and expanding the Aqura brand as it targets an expanding pipeline of work nationally.
  3. Aqura has a secured project pipeline of over $7 million to be executed over the next 6 months. In addition to this, there is an identified pipeline of tendered projects and prospects with a weighted value in excess of $5 million for execution over the same period.

CEO's summary

Michael Shirley CEO of Veris Ltd has provided a statement.
Michael Shirley
Michael Shirley
CEO, Veris Ltd

"During this unprecedented period, I have been extremely proud of the way our people have responded to the challenges of COVID-19, adapted in a nimble manner and established new ways of working to keep our staff, clients and the community safe. Because of this, we’ve been able to continue to deliver safely for our clients, both remotely and on project sites across Australia. Amidst the challenges we’ve been able to fast-track and implement structural changes and cost reductions within Veris Australia that have already had an impact on our operating result and will set us up for success in future periods. With our current portfolio of large-scale infrastructure projects, and a number of recent contract wins demonstrating our strength in key markets important to the economic recovery, we are well positioned to execute our strategy and deliver growth from a sustainable platform.”

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