• Significant rebound in profitability with Profit Before Tax (PBT) up 212% on pcp
• PBT margin improved to 2.1%, up 200% from pcp
• Acquisition of Spatial Vision to bolster digital solutions and advisory services

Veris Limited (ASX: VRS), a leading digital and spatial data advisory and consulting firm, has announced its strong Half Year (H1) results for the six months ended 31 December 2024 (H1 FY25). The company reported a significant improvement in its financial performance, with a Profit Before Tax (PBT) of $1.0 million, representing a 212% increase from the prior corresponding period (pcp) figure of $0.3 million. This substantial rise in profitability was driven by the expansion in digital and spatial data consulting and advisory services, ongoing operational optimisation, and cost discipline from H2 FY24 restructuring initiatives. Although the company's revenue for H1 FY25 was $46.8 million, reflecting a 3.3% decline compared to the pcp, this decrease aligns with Veris' strategy to prioritise high-value contracts and transition away from smaller, lower-margin projects. The company's cash balance rose to $17.6 million as of 31 December 2024, up from $16.1 million at 30 June 2024, reflecting robust financial health. Veris also announced the acquisition of Spatial Vision, a Melbourne-based provider of spatial solutions and GIS services, for an enterprise value of up to $3 million. This acquisition is a strategic step forward in Veris' strategy to provide high-value services under a fully-integrated digital advisory and consulting model. The company remains well positioned in a diverse spread of industry sectors and has a positive outlook, with continued margin improvement anticipated as it executes its strategy.

The acquisition of Spatial Vision is expected to generate in excess of $9 million of revenue on an annualised basis.

Veris remains well positioned in a diverse spread of industry sectors and has a positive outlook, with continued margin improvement anticipated as the company executes its strategy. The secured forward workload exceeds $55 million, set to be executed over the next 12 months, and the unsecured project pipeline has a weighted value surpassing $190 million for execution over the next 24 months.