Veris 1H FY24 Results Overview

Veris Limited (ASX: $VRS) has presented its 1H FY24 results, demonstrating a proactive strategy and management amidst economic uncertainty. The company has shown clear progress against its Digital Strategy, consolidating performance and profit while driving efficiencies. With a strong order book and a secured workload in excess of $60m, Veris is future-proofing the business with aligned Digital skill sets.

Executive Commentary on 1H FY24 Results

As we continue to execute our strategy for profitable growth, we are pleased to report a stable, higher quality revenue delivering higher margins in the 1H FY24. Our proactive approach and prudent capital management have provided stability and flexibility, allowing us to consolidate the base and drive operational excellence. We have also made significant progress in meeting the Digital Transformation needs of our clients, with the development of AI, analytics, and data hosting capability, and the acquisition of aligned skillsets. These efforts have allowed us to commercialize our first suite of digital solutions, accelerating our pivot out of lower margin markets and sectors. We are proud of our differentiated market position, offering end-to-end solutions and deriving added value from the data collected.

Summary of 1H FY24 Results and Outlook

Veris has reported a strong 1H FY24, with a focus on sustainable, profitable growth through strategy execution and a sustainable business model. The company has demonstrated a clear shift towards higher margin work with key clients and a growing share of revenue from Digital & Spatial, now contributing approximately 15% of the revenue. With a stable cash balance and a secured workload in excess of $60m, Veris is well-positioned for continued improvement in margin and strategy execution. The company's outlook is underpinned by a strong pipeline and transformational opportunities, including the assessment of M&A opportunities, enabled by a strong net cash position. With a healthy unsecured project pipeline valued at over $190m, Veris remains confident in its ability to convert backlog and pipeline into revenue and margin in subsequent periods, capitalizing on the commercialization of digital and spatial solutions.